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Hu makes proposal to tackle economic crisis at BRIC summit

(Xinhua)
Updated: 2009-06-17 09:43

(L-R) Brazil's President Luiz Inacio Lula da Silva, Russian President Dmitry Medvedev, Chinese President Hu Jintao and Indian Prime Minister Manmohan Singh pose for a photo in Yekaterinburg, June 16, 2009. Leaders of Brazil, Russia, India and China, known as BRIC, gather for the first summit of the world's biggest emerging economies in Yekaterinburg. [Agencies]

YEKATERINBURG, Russia - Chinese President Hu Jintao Tuesday presented a four-point proposal for dealing with the ongoing global financial crisis at the first summit meeting of BRIC countries which groups Brazil, Russia, India and China.

First, BRIC countries should commit themselves to bringing about an early recovery of the world economy, Hu said.

"We should work hard to overcome the difficulties and try to take the lead in recovering from the global financial crisis," he said, adding "This is not only for our own need, but also contributes to world economic recovery."

Chinese President Hu Jintao attends the first summit meeting of BRIC (Brazil, Russia, India and China) leaders in Yekaterinburg, Russia, on June 16, 2009. [Xinhua]

BRIC countries should solve the long-existing structural problems in their economic development and change their development pattern in an effort to improve the quality and level of their economic development , while striving to resume world economic growth.

He also urged BRIC countries to continue to open their markets, make use of their mutually complementary strength and expand economic and trade cooperation.

"We should also firmly oppose protectionism, jointly safeguard the normal and orderly flow of commodities, services and personnel worldwide, and help ensure that the Doha round of global trade talks would achieve a comprehensive and balanced outcome as soon as possible," he added.

Second, BRIC countries should commit themselves to pushing forward the reform of international financial system, Hu said.

To establish a new international financial order that is fair, equitable, inclusive and well-managed, and provide guarantee for the sustainable development of the global economy in terms of system and mechanism conforms with the trend of the historical development and is in the fundamental interest of all parties, he said.

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Institutional reform on BRIC agenda

BRIC countries should improve the international financial supervision mechanism and ensure the effective participation of the developing countries in world financial supervision organizations such as the Financial Stability Board, Hu said.

Third, BRIC countries should commit themselves to implementing the UN Millennium Development Goals (MDGs), the president said.

The international community should not overlook development issues and cut the input for development while dealing with global financial crisis, he said.

Instead, it should pay close attention to the impact that the crisis has left on developing countries, especially the least developed ones, he added.

The BRIC countries should call on all parties to continue to implement the MDGs and urge the developed economies to fulfil their commitment to assistance, he added.

Fourth, BRIC countries should commit themselves to ensuring the security of food, energy resource, and public health, he added.

He said while tackling the ongoing global financial crisis, efforts should be made to properly handle some outstanding problems that hinder development, such as climate change, food, energy, resource and public health security. A long-term approach and overall plan should be adopted to take all factors into consideration as these issues bear on the wellbeing of all peoples in the world and their overall interests, he added.

He also urged BRIC countries to increase investment in agriculture, develop advanced agricultural technique and curb market speculation. He also called for greater food assistance and closer agricultural and food cooperation.

"We should also accelerate our efforts in developing clean and renewable energy, and establish advanced research and promotion systems in a bid to diversity our energy supply," Hu said.

He urged the four countries to strengthen information exchanges and communication, share the experience on epidemics preventions and control, and work together to develop and share vaccines, and cooperate in pandemic control and prevention.