Hu urges efforts to promote growth, financial stability

Updated: 2011-11-04 07:42


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Hu urges efforts to promote growth, financial stability

G20 leaders take part in a family photo during the G20 Summit of major world economies in Cannes November 3, 2011. [Photo/Xinhua]

The imbalance between developed and developing countries has created a vicious circle where underdevelopment leads to backwardness and backwardness hinders development, thus hampering sustained and steady growth of the global economy, he said.

"We should continue to increase the voice of emerging markets and developing countries in global economic governance and create an enabling institutional environment for their development."

Hu pledged that his country will provide more help to other developing countries.

Between 2010 and 2012, China will provide Africa with 10 billion U.S. dollars in lending of a preferential nature, the bulk of which will go to infrastructure development, he said.

Between 2011 and 2015, China will build 200 infrastructure projects in clean energy and environmental protection in other developing countries, he announced.

China will give zero-tariff treatment to 97 percent of the tariff items of exports to China from the least developed countries that have diplomatic relations with China, he said.

The G20 summit, which began on Thursday, would concentrate on the promotion of strong, sustainable and balanced global economic growth, as well as global governance, development and financial regulation.

The G20 bloc, established in September 1999, was designed to bring together important industrialized and developing economies to discuss key issues concerning the global economy.

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