The Chinese government should reform the international financial system

Chinese Foreign Ministry spokesman Qin Gang said yesterday that China will focus on the long term, the existing international financial system to conduct a comprehensive, effective and necessary reforms. CFP Information 15, local time, the Group of Twenty (hereinafter referred to as G20) summit of the global financial kicked off in Washington, this will be the international community on the current international financial situation and future development of the world economy for the exchange of important occasions. Chinese President Hu Jintao and U.S. President George W. Bush should be invited to attend the meeting, at the same time meeting was also attended by People's Bank of China Governor Zhou Xiaochuan and Chinese Finance Minister Xie Xuren. Hu Jintao to attend the summit of the main activities include: Nov. 14 to attend the evening of U.S. President George W. Bush at the White House for the leaders at the welcoming dinner. November 15 to attend the summit meeting and working lunch seminars. With the state leaders to hold bilateral meeting. Chinese Foreign Ministry spokesman Qin Gang said yesterday that China will focus on the long term, the existing international financial system to conduct a comprehensive, effective and necessary reforms, the establishment of a fair, just, inclusive and orderly international financial system, better play It supervision, early warning and to help countries, especially developing countries functions. In addition to the G-20 leaders, the United Nations, the World Bank, International Monetary Fund (IMF), the Financial Stability Forum and other international organizations will attend the summit. China Institute of Contemporary International Relations Fellow Jingxiang places to the Post reporters yesterday that at the current summit, China will increase the voice of developing countries and put forward practical suggestions. Voice of developing countries The summit will discuss three issues: the assessment of the international community to deal with the financial crisis in the progress made; to discuss the causes of the financial crisis; and to explore the field of international financial supervision and standardize the system, in order to reach a consensus. For the global financial system problems, Qin Gang in Beijing yesterday pointed out, it is necessary to adopt a long-term view, the existing international financial system to conduct a comprehensive, effective and necessary reforms, and better play its oversight, and early warning To help countries, especially developing countries functions. Qin Gang at 6 when he delivered his speech stressed the need to achieve these goals, all stakeholders should be full and equal consultations, in particular to developing countries and emerging countries to increase the representation and voice. Are carefully observed, Chinese Vice Foreign Minister He Yafei 6, introduced in China to attend the summit of Chinese and foreign media briefing that this is not a question about whether China would save money in other countries or financial institutions in the summit. He Yafei said that the Chinese officials hope to promote this in a certain November 15 meeting to discuss how to allow developing countries more "fair" to participate in the international financial system. This is Chinese for the right to speak one of the guards of honor. He Yafei said that China's goal is to use this summit to the international community to send a strong message: not only short-term solution to the problem, but also long-term systemic lack of concern. He said, IMF and the World Bank and other international organizations "in need of reform." He believes that these institutions is a major problem in developing countries lack the right to vote, Chinese officials in developing countries will be asked to increase the influence of these organizations. He Yafei said that China will urge other governments, not because of the need to set aside funds to deal with financial crises and reduce development issues, particularly for the world's poorest countries. Tsinghua University Research Center of the Sino-US relations, a senior research fellow in China before the IMF executive director of Cheung said that setting, the right to speak to the profound than the right to vote, the right to speak for greater participation and reflect the views of the degree. To really implement the right to speak, the first Chinese to break the inherent defensive, it is necessary to have a sense of ownership of the IMF; In addition, China should raise its own in the global financial system, say, we must strengthen their "professional competence", or the United States and other Western countries will be the monopoly of financial products and financial data. Jing Xiang also places emphasis on China's own arraignment financial professional competence. Europe and other Western countries have proposed the establishment of a supra-national financial regulators in this system, countries will provide their own financial data to be supervised. Jingxiang places that once such a body, the United States and other Western countries, China will have the financial hole if a fire View, and China's financial power can only feed, as China's financial capability is not in place, including data analysis and risk assessment And so on. In view of this, places, said Jing Xiang, China in the global financial summit will actually put forward its own reform proposals. First of all, China will participate in the proposed increase in the number of developing countries in the IMF vote, the decision-making level so as to increase the voice of developing countries; Second, China will agree with the IMF within the framework of economic regulation; Finally, China will be proposed to strengthen the communication of information between central banks So that the central banks take up the coordination of financial supervision role. Russia's attitude is the key It is worth noting that yesterday Qin Gang also pointed out that only a short period of a day of meetings, everything can not solve all the problems. Qin Gang said China hopes to establish a fair, just, inclusive and efficient international financial system. The results of the meeting, Qin Gang expressed the hope that the relevant stakeholders in consultations on the basis of full exchange of views on some matters of principle, a number of major issues to reach a consensus, so as to the future of the international community to continue to explore how to deal with financial crises and promote The healthy development of world economy, thus laying a good foundation. Jingxiang places that China's financial summit of the proposal is practical and realistic look of the overall proposal, but the suggestions put forward by China to implement the extent to which depends on the big developing countries such as Russia and India, at the current summit. Jingxiang places that: "The global financial system reform, the main contribution to the Chinese forces, but Russia will be the key factor!" Not to be named a national research institute researcher told the Post reporters, access to the materials show that Russia, Russia agreed to gradually reform the global financial system, increase the voice of developing countries, and so on, which China proposed the existence of consistency. Italy and other countries have also previously suggested the international monetary reform, promote long-term agreement signed between central banks and other government cooperation. Although the U.S. government last weekend, the EU has put forward a blueprint for the reform of financial support, but the places that Jingxiang, the United States will not make things difficult for China and other developing countries over the proposal, as a result of French President Sarkozy put forward the financial reform is no blueprint New ideas, and do not have a strong operational. Jing Xiang also places the global financial crisis, combined with analysis of the causes that the financial crisis in the United States hegemony of the financial system and a focus on the outbreak. In the past the global financial system, the United States and other Western powers in a kind of "prosperity" the illusion of an overdraft in its hegemonic position, resulting in the current crisis is difficult to recover in the short term. Crisis in the United States will realize that a truly stable global financial system must be "mutually beneficial and win-win". In the face of a new round of the global financial system reform, places and Zhang Jing Xiang of China set that should Enhancing strength, improve their own financial expertise. As a permanent organ of the United Nations, IMF institutional mechanism should be improved. A global leader in wishful thinking Brown Brown vanguard: Economic risk early warning system The British Government this week has been reduced to the summit will reach a concrete agreement is expected. British Prime Minister Tony Brown, a spokesman said on the 10th, the summit is clear that Britain would put forward by the international financial system reform carried out in-depth discussions, but Britain is expected to argue that this summit will not come out of it. In the international financial system reform, Brown has been the President of France Sarkozy's faithful ally, put forward its reform measures include: strengthen the financial system to monitor international cooperation; of the International Monetary Fund reforms, so that the organization can play a more The major economic risk early warning role. Zoellick Zoellick peacemaker: The expansion of the Financial Stability Forum World Bank President Robert Zoellick would like to adopt a more flexible mechanism, which includes both the traditional Group of Seven (G7), also invited to China, Brazil, India, Mexico, Russia, Saudi Arabia and South Africa, and other emerging countries. In his view, a possible measure is to expand the "Financial Stability Forum" (FinancialStabilityForum) member countries and to strengthen its global economic governance. "Financial Stability Forum," was founded in 1999, almost the same time, the establishment of the G20, but by the G7 governments and international organizations to hold control, to assess the impact of global financial stability, and to monitor the research to solve these problems need to take action. Medvedev hard-liners: Currency reserve diversification Russian President Vladimir Medvedev at the summit will promote a new global financial system, promote the diversification of currency reserves, called on the global economy to reduce dependence on the dollar. "We must formulate new rules of the game in the global economy in the process of the initiative to occupy the location, the maximum for our own selfish interests and to promote a global financial system more democratic and stable system. The world's future should have more financial Center, a wider range of currency reserves and the broader decision-making mechanism. " He stressed: "It is clear that the establishment of the international financial system will take many years, but from now embarked on." Taro Aso Taro Aso moderates: International multilateral consultation mechanism Japanese Prime Minister Taro Aso proposed at the summit proposed the establishment of financial institutions supervision of the multilateral consultation mechanism. French President Nicolas Sarkozy on the proposal takes a positive attitude, and the negative attitude of the United States. In addition, Taro Aso in 20 countries to the IMF announced the loan 10,000,000,000,000 yen. Ma suggested the survivors to re-examine the mark-to-market accounting standards issues, strengthen the management of the rating agencies. He believes that some of the rating company's assessment of the result of irresponsible U.S. sub-loan crisis. Japan also intends to convene the next summit of the financial, if the parties agreed that the next summit is expected to be held in December. Sarkozy Sarkozy advocates: Change the status of U.S. hegemony France hopes to change U.S. dollars in the international monetary system to dominate the position to raise the euro and other major currencies. To this end, French President Nicolas Sarkozy has been striving to China led by emerging countries. France is also initiated summit of the global financial initiatives. In the G-20 members, the EU's rotating presidency, France is advocating strengthening of financial supervision and management of one of the leading force in the United States, Britain, Canada and Australia and other countries are worried about over-regulation will restrict the free market mechanism, thus constraining economic vitality. French Economy, Finance and Employment Minister Christine Lagarde Sunday in Sao Paulo to attend G20 meeting of the gap on the differences call a spade a spade. "We see the Anglo - Saxon capitalism (Anglo-American model of the system) and the European-style capitalism, where friction," she 9 in Sao Paulo said: "The Anglo - Saxon side tend to let the market play a role in Europe may be here More concerned about the monitoring. " Barroso Are enthusiastic about the EU: February next year to open the second summit For the EU summit to show the anomaly than enthusiastic, warning the United States. The EU summit will be submitted to the financial system reform "blueprint" includes the strengthening of financial supervision, without leaving any "dead ends"; new financial system must be "transparent" and "responsible" based on the principles of; finance the establishment of early warning system; reform International financial institutions to give the International Monetary Fund (IMF) in the new financial system, such as the status of the backbone. The EU's wishful thinking is that China and Latin America, India, and other emerging markets could be built to enable them to bear the IMF, such as more financial burden, and take advantage of the US-led international financial regulatory regime to carry out a thorough reform. After 100 days as a summit of key reforms, in the hope that the European Union next year in February to convene the second summit of the global financial and eventually establish a new global financial system. European Commission President Jose Manuel Barroso said that international financial summit in Washington should be a "historic summit." Reform the existing international financial system to deal with 21st century challenges of a broad range of more integrated. BRIC new faction: Accession to the economic decision-making center Increasingly strong financial resources, "BRIC" Brazil, Russia, India and China will be at the summit to show a rare joint stance, they do not provide funds to resist this, but just do not want to just sit back and drink coffee, vases Dangdang row Pai sit around the baton to the United States and Europe. They also require hand in these institutions to increase the influence, to the right to speak, it is necessary transparency in the system, the World Bank or IMF and the United States, if not rotation, but also a fair election. Otherwise it would start all over again, the other the establishment of the IMF, par. Last Friday, "BRIC" launch a joint statement, called for reshaping of the global financial system to play a greater role in the process. "We have a moving car in exchange for its tires," Brazilian Finance Minister Mantega analogy: "This means that we have 60 days to 90 days of the need for new financial regulatory requirements." Bush Bush hosts: Only basis for the development of a framework The European Union and emerging markets, such as all the requirements, there is no doubt point to a weakening of the United States to dominate the situation, the crucial point hit the United States, the aggressive posture clear that the United States does not want to see. U.S. President George W. Bush only hope that the symptoms and do not want a permanent cure. United States Department of State in charge of Asia-Pacific Economic Cooperation (APEC) senior officials of the Service Hasilaqi Nov. 10 gave the United States at the current summit of the six demands: to date for countries to consider the response to the current crisis has taken action; States On the root causes of the crisis to reach a consensus; countries on how to avoid future crises and reform of the common principles of the agreement; determine the plan of action to ensure that the principles were implemented; to prepare for the next meeting, including coordination with other organizations; countries continue to seek free trade Commitment to honor previous commitments on development assistance. Deputy Minister of Finance with the United States and McCormick as saying that the leaders in this week's summit will be on the global financial crisis and reform of the regulatory actions and changes in the basis for the development of the framework. Kahn Kahn are embarrassing: Be able to meet together on a good "The proposals may have some differences ... ... strongly urge the Europeans to implement the new regulation, others are reluctant to do so. Other issues, there are some objections, but the session is always the beginning of this." IMF president Dominique Strauss Kahn acknowledged that action on how the countries have different views. But he is still reason to be confident about the summit, because at least all agree that the fact that: coordinated action is essential. Former IMF chief economist Simon Johnson said that all of these leaders can bring together is an important step. Kahn also supported Brazil on the Group of 20 (G20) to replace the Group of Seven (G7) economic affairs as the world's key decision makers of the proposal. Kahn said that the summit should not expect too many people think that this meeting will be the second meeting of the Bretton Woods might sound good, but the conclusion of a new international treaty is unlikely. Kahn will continue to oppose the IMF into a global financial regulator's proposal.