Homepage > News > World > 

G20: Seek balanced recovery

2009-09-28 10:41 BJT

Special Report: Hu attends UN, G20 Summits |

BEIJING, Sept. 28 -- The third summit of G20 leaders since the global financial crisis erupted a year ago has ostensibly distinguished itself as a forward-looking one.

While the previous meetings, in Washington and London, were forced to focus on fighting market turmoil and arresting a global recession, the latest one concluded last Friday in Pittsburgh has particularly inspired us by attaching unprecedented and necessary importance to a comprehensive, balanced and sustainable global recovery.

If history is any guide, the global financial and economic crisis is going to end in one way or another. While emergency acts are indeed important in dealing with the crisis, forward planning on how we will redesign the global economic and financial architecture matters even more for the long-term socioeconomic development of the world.

G20 leaders released a joint statement stressing that "ensuring a strong recovery will necessitate adjustments across different parts of the global economy, while requiring macroeconomic policies that promote adequate and balanced global demand."

Such a consensus is badly needed at a time when initial signs that the world economy may have put the worst behind it are creating unjustified complacency among some policymakers.

Understandably, enacting the proposals will never be easy considering the enormity of the challenges for different countries.

Chinese President Hu Jintao's call for greater efforts in stimulating economic growth, reshaping the international financial system and promoting balanced growth underscored a realistic approach to deliver G20's promise.