Speaking of the impact of the crisis on China, Hu said the global financial turmoil has brought unprecedented difficulties and challenges to China.

In order to combat the crisis and maintain steady and relatively fast economic growth, China has made timely adjustment to its macroeconomic policies, swiftly adopted a proactive fiscal policy and a moderately easy monetary policy, and formulated a package plan to expand domestic demand and boost economic growth, Hu said.

"China will continue to work with the rest of the international community to enhance macroeconomic policy coordination, advance the reform of the international financial system, maintain the stability of the multilateral trading system and contribute its share to world economic recovery," Hu told other leaders attending the summit in London.

At the summit in London, leaders of the G20 reached consensus on how to save the world out of the financial crisis, including a pledge of US$1.1 trillion to revive the world economy, a joint call to fight protectionism, and concrete actions to tighten banking regulation.

Among the additional funds to be injected into international financial institutions, 500 billion dollars will go to the International Monetary Fund to support lending to countries hit hard by the crisis, 250 billion dollars will be used to support a new Special Drawing Rights (SDR), 100 billion dollars will support additional lending by the multilateral development banks, and 250 billion dollars will be devoted to guarantee trade finance.

The G20 leaders agreed on extending regulation and oversight to all systematically important financial institutions, instruments and markets, including systematically important hedge funds for the first time.

They also agreed on extending regulatory oversight and registration to credit rating agencies to ensure they meet the international code of good practice, particularly to prevent unacceptable conflicts of interest.

The leaders reiterated their opposition to trade protectionism and their readiness to boost global trade and investment.

They agreed another G20 summit will be held within this year.

(Xinhua News Agency April 3, 2009)