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China goes to G20 summit with reform proposal

(Xinhua)
Updated: 2009-04-01 19:47

BEIJING -- Economists here said a spate of statements from top Chinese leaders prior to the G20 summit in London was unusual.

During the past week, Chinese Vice Premier Wang Qishan, central bank governor Zhou Xiaochuan and Finance Minister Xie Xuren called for reforming the international financial system.

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Zhang Xiaoji, researcher with the Development Research Center of the State Council, a government think tank, said debates on statements from Chinese leaders indicated that China's voices are making impacts ahead of the summit.

Wang explicitly called for developing countries to have a stronger say in how the international financial system is run. He published those statements in an article entitled, "G20 must look beyond the needs of the top 20," which ran in the British newspaper, The Times, on March 29.

On China's central bank website, Zhou posted three articles in favor of creating a global currency, explaining China's high saving rate and he explored the reasons behind the financial crisis.

In an interview with Xinhua last week, Xie Xuren requested a full-scale reform of the global financial system and to diversify international currencies.

Those propositions have been "successful and effective" because of the reactions they've evoked, Zhang said.

Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF), said China's proposal to create a new global reserve currency to replace the US dollar was "reasonable."

On Thursday, Brazilian President Luiz Inacio Lula da Silva endorsed the idea.

Russian presidential aide Arkady Dvorkovich said Monday, that Russia and China "have similar positions" on the reform of the international financial system. The two countries have also had discussions about a "supra-national reserve currency," which Russia is in favor of.

Not every country supported China's proposals.

US President Barack Obama, Secretary of Treasury Timothy Geithner and Federal Reserve chairman Ben Bernanke reacted quickly to Zhou's article, saying there was no need for a new global currency as an alternative to the dollar.

Zuo Xiaolei, chief economist with Galaxy Securities, regarded China's outspokenness as "a breakthrough in the mentality" of Chinese leaders as they have "spoken and represented the country."

Both economists agreed a compromised solution that recognizes interests from various parties needed to be worked out at the summit.

"It is absolutely normal for nations to disagree," said Zuo. "China should stick to its own position and at the same time negotiate with other countries and make comprises to reach agreements that are in line with its interests."

An unidentified senior Japanese official told Reuters last week that G20 leaders are unlikely to discuss the status of the dollar as the world's reserve currency when they meet in London Wednesday and Thursday.

Analysts say at least China brought the issue to the forefront of discussions.

"China's proposal to create a super-sovereign currency may not get approval from all the nations at the summit, but it would be good to see the idea discussed at the meeting, which can serve as a foundation for future reforms," Tao Wenzhao, a researcher on US studies with the Chinese Academy of Social Sciences told Xinhua Wednesday.

Chinese President Hu Jintao left Beijing for London Wednesday morning to attend the summit.

He has called for strengthened coordination among nations to stabilize the international financial market "as soon as possible", to adopt varied stimulus packages to revive the economy, and to work against trade and investment protectionism. He also urged what he calls "necessary reforms" of the international financial system.