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Hu Calls for Concerted Efforts to Tide over Crisis at G20 London Summit

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Chinese President Hu Jintao on Thursday called on the international community to join hands to tide over the current global financial crisis at the second Group of 20 (G20) financial summit.

As the financial crisis continues to spread and deepen and its impact on the world's real economy becomes increasingly evident, the international economic and financial situation remains complex and grave, Hu said.

The Chinese president called on the international community to strengthen confidence to confront difficulties.

"We have the enabling conditions to tackle the financial crisis," Hu noted, saying that the world economy is "on a solid material and technological footing."

The world has far more macro regulatory tools than before and also the common will to enhance coordination and cooperation, he added.

"As long as we strengthen confidence and work together, we will tide over the difficulties and achieve our shared goals," said the Chinese president.

He then urged the international community to further intensify cooperation to fight the crisis as no country can stay immune from the crisis.

"The only right choice is for all of us to work together and deal with it," he said.

Hu described the G20 as an important and effective platform for concerted international efforts to counter the economic and financial crisis.

At the summit, the Chinese president also called for advancing reform of the international financial system, saying the world should work together to build "a fair, just, inclusive and well-managed international financial order."

Hu also stressed opposition to protectionism. "We should work together to oppose trade protectionism in all manifestations and reject attempts to raise the market access threshold under various excuses and all forms of investment protectionism that harm the interests of other countries," he said.

The Doha round of global trade negotiations is crucial to global trade liberalization, he said.

In his speech at the summit which gathered leaders from major developed and developing nations, the Chinese president urged further support to developing countries in time of difficulty.

He called for minimizing the damage of the financial crisis on developing countries and urged the world community, developed nations in particular, to assume due responsibilities and obligations.

They should "continue to fulfill their commitments to debt reduction and aid, take concrete measures to maintain and increase assistance to developing countries, help them uphold financial stability and promote economic growth," Hu said.

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