An active contributor toward new economic format

Of the G20 member economies, China has been one and only that has not only been actively coping with the crises, but actively appealing from the very beginning to all for joining it in mulling in retrospect about the cause and effect of the financial and economic crises.

China led off with calling for not only self-examining but for reforming the governance mechanisms of the global economy as well.

The country believes that potential and feasible solutions to the ongoing and arising crises lie in the reforms of the existing global economic and financial systems and in the formation of a new world economic mechanism.

The credit crunch that set off the financial and economic meltdown worldwide has proved beyond reasonable doubt that a very big problem has arisen from within the financial and economic system of the developed economic entities which have been dominating the world economic development.

China has also pointed out that the financial crisis has not at all ebbed away and that with the sovereign debt crisis already miring Greece down, the lack of assessment, management and early-warning deployment could well fan out the debt crisis into other eurozone countries and even more.

At the coming G20 Summit, China is expected to further its appeal to peer G20 members for maintaining strengthened financial administration, for sustaining the liquidity of financial institutions, for beefing up the credit grading surveillance, and for working out efficient management mechanisms to reduce reliance on outside evaluation and judgment.

French Economy Minister Christine Lagarde has attached special significance to cooperating with China in such key aspect as re-assessing and re-evaluating the management of global economy, the fluctuation of global labor market and the surveillance of market balance.