Chinese President Hu's speech at G20 Summit in Cannes

(Xinhua)

11:00, November 04, 2011

CANNES, France, Nov. 3 (Xinhua) -- Chinese President Hu Jintao Thursday delivered a speech at the G20 Summit in the French resort city of Cannes. The following is the full text of Hu's speech.

Promote Growth Through Win-Win Cooperation

Remarks by H.E. Hu Jintao

President of the People's Republic of China

At the Sixth G20 Summit

Cannes, 3 November 2011

President Nicolas Sarkozy,

Dear Colleagues,

I am glad to come to Cannes to attend the sixth G20 Summit and explore with you ways to counter risks and challenges and promote global development. First of all, I wish to express sincere thanks to you, President Sarkozy, and the French government for the active efforts and thoughtful arrangements you have made for the summit.

Currently, the world economic situation needs our high attention. Some major economies are experiencing economic slowdown, and some countries are facing acute sovereign debt problems. Volatility in the international financial markets persists. High inflationary pressure confronts emerging markets. The turbulence in west Asia and north Africa continues. And extreme weather and frequent natural disasters have also exerted negative impact on the world economy. As a result, the global economic recovery is fraught with instability and uncertainty and encounters growing risks and challenges.

What has happened since the outbreak of the international financial crisis in 2008 shows that we are facing not just an economic and financial crisis. It is a crisis that has exposed certain deficiencies in the existing institutions and mechanisms, policies and approaches, and ways of development. The world economy is now at a crossroads and global economic governance faces arduous tasks. It is imperative that we stand on a higher plane, transcend differences on specific issues, move beyond short-term considerations, and jointly seek ways to overcome the crisis and sustain development. As the premier forum for international economic cooperation, the G20 must continue to demonstrate the spirit of standing together in times of adversity and pursuing win-win cooperation. At this critical moment, the G20 must work to address the key problems, boost market confidence, defuse risks and meet challenges, and promote global economic growth and financial stability. I wish to make the following proposals in this connection.