Chinese President Hu Jintao arrived in Washington on Friday for a summit to discuss issues concerning financial markets and the global economy.

President Hu, and other leaders from the Group of Twenty (G20) members, have been invited by US President George W. Bush to Saturday's meeting, the first in a series of summits to mitigate what economists predict could be a long and deep downturn.

 

Later in the evening, the Chinese president is expected to attend a dinner hosted by Bush for all the leaders.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," said White House spokeswoman Dana Perino last month in making the announcement of the summit.

At a press briefing last week, Chinese Vice Foreign Minister He Yafei said that China expects to build a fair, inclusive and efficient international financial system.

"We hope to consult with other participants to reform the international financial system and finally try to establish a fair, inclusive and efficient system," He said.

He said that China would take an active part in the summit-related activities in a constructive attitude, work together with all the parties for the achievement of pragmatic outcome, and impel the international community to tackle the financial crisis in a timely, comprehensive and effective manner.

The members of the G20 include Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union.

The managing director of the International Monetary Fund (IMF),the president of the World Bank, the secretary-general of the United Nations and the chairman of the Financial Stability Forum have also been invited to the Washington summit.

Washington is the first leg of President Hu's five-nation trip. He will later pay state visits to Costa Rica, Cuba, Peru and Greece. During his stay in Peru, he will attend the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Lima.

(Xinhua News Agency November 15, 2008)