FM: Hu´s proposals play important, constructive role at G20 summit

Hu reiterated the Chinese government's willingness to strengthen macroeconomic policy coordination with the international community, push the reform of the international financial system forward, actively safeguard the stability of the multilateral trade mechanism and contribute to the restoration of the world's economic development.

Chinese President Hu Jintao (2nd R) talks with British  Prime Minister Gorden Brown (R) as they prepare to pose for  a family photo during the Group of 20 summit in London,  Britain, April 2, 2009. (Xinhua Photo)

Secondly, Hu put forward proposals on reforming the international financial system, saying efforts should be made to strengthen cooperation in financial regulations, formulate as soon as possible widely accepted standards and norms of the regulations, Yang said.

International financial institutions should offer more aid to developing countries and the Financial Stability Forum should playa bigger role, the Chinese president said.

The International Monetary Fund (IMF) should strengthen and improve its supervision over the macroeconomic policies of various economies, major reserve currency issuing economies in particular, with a special focus on their currency issuing policies.