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China says willing to work with U.S. at G20 meet

Published 03/06/2009, 09:52 PM
Updated 03/06/2009, 09:56 PM

BEIJING, March 7 (Reuters) - China is ready to work with the United States and other nations at the G20 summit in London next month to tackle the world economic crisis, Foreign Minister Yang Jiechi said on Saturday.

The April 2 gathering aims to put the world economy on a path to recovery and will be the first meeting between U.S. President Barack Obama and Chinese President Hu Jintao.

"The pressing task now is that all countries must work together to make the upcoming financial summit in London a success," Yang told a news conference held to coincide with China's annual session of parliament.

"We believe the summit should play a role in boosting confidence, strengthening coordination on macroeconomic policies, stabilising financial markets, (and) undertaking necessary reforms in the global financial system and regulatory regime.

"In this regard we are ready to work with the United States and other countries to weather the storm and make joint efforts to overcome the difficulties brought by the financial crisis."

The summit will follow last November's G20 crisis meeting in Washington and aims to agree on coordinated actions to revive the global economy, reform of financial systems and principles for reforming international financial institutions.

China has said it will actively help these efforts. But Beijing has also said that it wants a bigger voice for it and other poorer countries in global financial reform.

In a position paper prepared for the April 2 meeting, China has called for more power for developing countries in the IMF and World Bank.

Yet even as the world's third-largest economy, China has kept a relatively low profile in broader debate on what reforms are needed to avert a repeat of the current credit crunch. (Reporting by Chris Buckley; Writing by Ben Blanchard; Editing by Nick Macfie)

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