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Hu Jintao

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Communist Party of China CPC>>News
09:24, June 28, 2010

Chinese president calls for strong, sustainable, balanced global economic growth (4)
He called for the establishment of an international financial system "that is good for the growth of the real economy."

Hu said the G20 members need to bring the shadow banking system under supervision and regulation and formulate globally consistent accounting rules.

The regulation of credit rating agencies should be enhanced, he said, adding that "it is particularly important to establish objective, fair, reasonable and uniform methodologies and standards for sovereign credit rating so that the rating results can accurately reflect the state of a country's economy and credit worthiness."

He also said the G20 nations need to enhance the IMF's capacity building and surveillance reform, and strengthen supervision over macroeconomic policies of various parties, particularly major reserve currency issuing economies.


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