Promoting bilateral, regional cooperation

Since the first G20 summit last November in Washington, D.C., China has rolled out two-year economic stimulus packages worth US$585 billion.

While striving to maintain steady economic growth at home, China also has sought to help other countries spur economic growth with pragmatic bilateral and regional cooperation in promoting the free flow of trade and investments.

Chinese leaders launched a so-called "diplomacy of the first lunar month" in February as Hu, Premier Wen Jiabao and Vice President Xi Jinping visited 15 countries and the European Union. The three leaders sent a clear message of confidence during those tours.

China signed more than 20 cooperation agreements with five Asian and African countries during Hu's visits.

Under those agreements, China promised to increase aid and expand trade and investment with African countries. It also wrote off part of the debt owed by some African countries as part of the agreements.

Tanzanian President Jakaya Kikwete has said that China has become the most popular partner of developing countries.

Following Wen's visit to four European countries and the EU, the Chinese government signed a series of agreements worth US$13.6 billion with European companies.

China also signed several agreements on bilateral cooperation with some Latin American countries during Xi's visit to the region.

Ahead of the G20 summit, China signed currency swap deals with South Korea, Malaysia, Belarus, Indonesia and Argentina, worth about 650 billion Chinese Yuan.

China has also worked actively within regional blocs such as ASEAN and APEC to promote regional economic cooperation as part of its efforts to help other countries weather the financial crisis.

Initiating possible international reforms

The current situation has highlighted the vulnerabilities and deficiencies of the existing international economic and financial system.

Senior Chinese officials have recently initiated several key proposals to reform the global monetary system in an effort to avoid a recurrence of such problems in the future.