China has signed bilateral currency swap agreements worth 580 billion yuan (about US$85.3 billion) with different countries and regions and played a part in the creation of significant regional and global economic and trade initiatives, such as the Chiang Mai initiative and the International Finance Corporation's global trade finance program.

To demonstrate in practical deeds its opposition to trade protectionism, the Chinese government sent Chinese companies on procurement missions to Europe and made purchases worth US$13.6 billion.

China wrote off more than 40 billion yuan (about US$5.85 billion) worth of debts from 46 least developed countries by 2008, and its economic assistance to developing countries has exceeded 200 billion yuan (some US$29.4 billion).

It has pledged to eliminate all debts from least developed countries due by the end of last year, and promised to impose zerotariff on 95 percent of the products imported from these countries.

On the reform of the international financial system, China is proposing some new ideas, with a view to rolling back the global economic downturn.

Zhou Xiaochuan, China's central bank governor, said recently that a new super-sovereign reserve currency should replace national reserve currencies as the backbone of the global monetary system.

In response to Zhou's proposal, Russian presidential aide Arkady Dvorkovich said that Russia and China "have similar positions" on the reform of the international financial system.

Both Russia and China have voiced support for the notion of a "supra-national reserve currency" and the two countries have held discussions over the issue, he said.

"Indeed, we have similar positions," Dvorkovich said, adding the London summit may initiate broad consultations over the issue.

Speaking of China's role in reshaping the international financial system, World Bank Vice President James Adams said that China would play an important part at the G20 summit in London.

"China has emerged as a very strong, important force in the global dialogue on key global economic and political issues today," he said.

(Xinhua News Agency April 1, 2009)