On June 18, 2012, the Seventh G20 Summit was held in Los Cabos, Mexico. President Hu Jintao attended the summit and delivered an important speech entitled "Seeking Progress while Maintaining Stability and Working Together to Promote Development". He stressed that the world economy is in a critical transitional period. There is a long way to go to improve global economic governance. the international community should greatly cherish the role and impact of G20 and firmly grasp the trend of world economic development. the international community should work together in a spirit of solidarity, coordination and cooperation to jointly overcome the risks and challenges on the road ahead and promote the development and prosperity of the world.
In his speech, Hu pointed out that since the Cannes Summit, the global economy has maintained the momentum of recovery; however unstable and uncertain factors are still outstanding; the deep-rooted contradictions resulting in the international financial crisis have not yet been eliminated; new risks are being formed and accumulated. In such a circumstance, the international community must consolidate the outcome of addressing the international financial crisis and maintain economic and social stability and development. At the same time, the international community must seek progress, explore new ideas, take new initiatives, solve new problems, and promote the strong, sustainable and balanced growth of global economy.
First, the international community should unswervingly promote the stabilization and recovery of world economy. At present, the main tasks of the members of G20 remain to maintain growth, promote employment, and ensure stability. The international community should, in a spirit of helping each other and seeking win-win cooperation, consolidate and strengthen the hard-won recovery; the international community should continue to support some European countries to solve the debt problems in a constructive and cooperative manner and strive to get these economies back onto the track of stable growth at an early date; the international community should strengthen macroeconomic policy coordination and take full account of national circumstances and reasonable concerns of each country; the international community should promote technological progress and innovation, foster emerging industries, and provide driving force for the continuous growth of world economy.
Second, the international community should unswervingly deepen the reform of the international financial system. The priority is to implement the 2010 IMF quota and governance reform packages and increase the representation and voice of developing countries; the international community should strengthen international financial regulation, improve the international monetary system, and establish an international reserve currency system with stable value, rule-based issuance and manageable supply.
Third, the international community should stand firm to promote the healthy development of international trade. The international community should jointly create a free, open, fair and equitable global trading environment and oppose all forms of protectionism; the international community should maintain the openness and inclusiveness of various bilateral and regional free trade arrangements, maintain and strengthen the multilateral trading system; the international community should pay attention to the value chain issue in international trade and look at the so-called trade imbalances in a more objective and balanced manner.
Fourth, the international community should unswervingly push forward the cause of development. The international community should pay more attention to the spillover effects of the policies and measures taken by some countries in addressing the international financial crisis on developing countries, and push for substantial measures and concrete results in boosting the general prosperity and progress of developing countries and narrowing the gap between the North and the South; the international community should strengthen cooperation with the United Nations, and enhance the functions of the international financial institutions in promoting development and reducing poverty; the international community should strengthen support to developing countries in foreign trade and increase investment in food security, infrastructure and other development issues.
Fifth, the international community should stand firm to advocate sustainable development. The international community should actively develop green industries such as energy-saving and environment-friendly industries, and build a resource-saving, environment-friendly society; the international community should adhere to the principle of common but differentiated responsibilities and support the parties to choose the road of sustainable development in line with their national conditions; the international community should avoid new green trade barriers; the international community should firmly support the United Nations as the main channel in the field of sustainable development.
Hu pointed out that since the beginning of the year, China has continued to strengthen and improve macroeconomic regulation and has maintained the general stability in economic operation. China will firmly follow the theme of scientific development, accelerate the transformation of economic development mode, maintain stable and rapid economic development and the basic stability of price level in general, and maintain social harmony and stability.
Mexican President Felipe Calderon presided over the summit and the leaders delivered speeches based on the theme. The participating leaders said that facing such a complex and difficult world economic situation, the international community should strengthen unity and coherence, jointly cope with problems and challenges such as the financial crisis, employment, poverty, and environment and promote the strong, sustainable and balanced development of global economy.
The summit also discussed the replenishment to the International Monetary Fund (IMF). In order to cope with risks and challenges facing the world economy, the IMF needs to have adequate resources. China's supports and decides to participate in the IMF replenishment and will contribute $43 billion to IMF.
The summit focused the discussions on the world economic situation, strengthening the international financial system, development, trade, employment and other related issues.
Wang Qishan also attended the summit.