Chinese Minister of Finance Xie Xuren has answered questions on the upcoming G-20 summit. He says China has been trying its best to fight the ongoing financial crisis. But he says the world needs more financial regulations to overcome global difficulties.

Xie Xuren says China has taken effective measures both to promote domestic economic growth and contribute to the recovery of the global economy. He adds that China has demonstrated by its track record that it is acting responsibly as the world's biggest developing country.

Xie Xuren notes the financial crisis is the result of defects in the current global financial system.

Meanwhile, China's finance minister says thorough financial reform is necessary for long-term development of the world's economy. He also says the international community should make efforts to improve its financial organization system and monitoring system.

Xie Xuren adds that it will be important to speed up the establishment of a diversified global currency system, and expand coordination in economy and trade. He also says the international community must act against protectionism, and help poor areas move out of poverty as soon as possible.

China has taken effective measures both to promote domestic economic growth and contribute to the recovery of the global economy.

The financial crisis is the result of defects in the current global financial system. Financial reform is necessary for long-term development of the world's economy.

The international community should make efforts to improve its financial organization system and monitoring system.

It will be important to speed up the establishment of a diversified global currency system, and expand coordination in economy and trade.

The international community must act against protectionism, and help poor areas move out of poverty as soon as possible.

(CCTV March 26, 2009)