Saturday, October 15 2005 13:49 Hrs (IST) - World Time -

Xianghe (China): In a fervent appeal, Chinese President Hu Jintao today (Oct 15, 2005) asked G-20 members, including India, to intensify dialogue and coordination on macro-economic policies to jointly promote the balanced and orderly development of the world economy.

Opening the seventh G-20 Finance Ministers and Central Bank Governors Meeting, attended among others by Finance Minister P Chidambaram, Hu said the growing economic links and interdependence among all countries, economic performance of individual countries, especially of major economies, has a profound impact on the world economy while the global economic situation will also significantly affect development of each economy.

"Hence, to jointly promote balanced and orderly development of world economy, all countries, major economies in particular, should not only adopt responsible economic policies to introduce necessary economic restructuring, keep major currencies reasonably stable and prevent trade protectionism, but also intensify dialogues on macro-economic policies and, most importantly, coordination on major issues that bear on the overall development of the world economy and the common interest of all countries," Hu said.

The Chinese President delivered the speech at the Great Hall of the People in Beijing before the delegates were to travel to the conference site here.

Hu also urged the G-20 members to enhance dialogue with other international and regional economic institutions to boost global development.

"In light of the current international context, G-20 members must engage in flexible and pragmatic dialogues on the basis of equality and mutual benefits, seeking common grounds while shelving differences," Hu said.

Besides, Hu, also the General Secretary of the ruling Communist Party of China (CPC), urged the G-20 members to increase exchanges and cooperation with other regional and international economic institutions to build trust, expand consensus and coordinate actions.

"Such moves," he said, "Will enable the G-20 members to play bigger and more active roles that can have a real impact on ameliorating the international trading systems and rules, improving the international economic and financial structures, enhancing North-South dialogue and cooperation and facilitating global efforts in poverty reduction and development."

The G-20 members account for two thirds of the world total population, over 90 per cent of the world's gross domestic product and 80 per cent foreign trade.

"All this has made it (the G-20 mechanism) a widely representative and influential international economic forum," the Chinese President said.

Hu also urged the international community to respect diversity of development models to promote the sustainable development of world economy.

It is the first time for China to assume the presidency of the G-20.

The two-day meeting in Xianghe, 52 km from Beijing, has gathered Finance Ministers and Central Bank Governors from the world's richest countries and major emerging economies.