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Official: Implementation of G20 deal still difficult

(Xinhua)
Updated: 2009-04-18 21:01

BOAO -- More efforts should be taken to carry out the policies enacted at the G20 London Summit in early April to tackle the financial crisis, Zeng Peiyan, former Chinese vice premier, said Saturday.

"Although the participating countries agreed in principle with the consensus at the Summit, the implementation will still be very difficult," said Zeng, now vice chairman of the board of directors of the Boao Forum for Asia, a platform for promoting regional cooperation and dialogue.

Zeng Peiyan (L), China's Chief Representative to Boao Forum for Asia (BFA) and former Chinese Vice Premier, delivers a speech after being elected as the 13th member and Vice Chairman of BFA Board of Directors Meeting, in Boao, a scenic town in south China's Hainan province, April 16, 2009. [Xinhua]

The G20 Summit, according to Zeng, produced positive and practical outcomes in many aspects, however, the curtain of reforming the international financial system has just been raised, many fundamental and systematic challenges have yet to be addressed and enormous systematic risks built up in the international financial system remain unresolved.

In addition, as countries are stepping up bailout, combating deflation and addressing draining liquidity, inflationary risks must not be ignored, Zeng warned.

Related readings:  Boao conference begins with focus on financial crisis  Boao Forum urges Asian countries to cooperate in financial crisis  Tackling global downturn tops bill at Boao

He also predicted that the world economy, which is still in recession, may record negative full-year growth this year.

As global market shrinks and unemployment rises, trade and investment protectionism are mounting, according to Zeng. "The beggar-thy-neighbor approach will end up harming everyone. Instead of saving the world economy, it will, quite the contrary, worsen trade frictions and investment disputes. The world market will not prosper without a just, fair and reasonable order," he said.

Zeng urged the international community to make unremitting efforts to build a new global financial order, and give developing countries greater say in the international financial system.

The reserve currency countries should take up their due international responsibilities, keep their currency value stable and prevent exchange rate war incurred by competitive devaluation, he said.

He added that Asian countries and regions should build up capacity to cushion themselves against risks and roll out stronger economic stimulus plans. In addition to relying on existing international rescue mechanisms, Asian countries should fully tap into their internal potential and make the most of regional cooperation mechanism to jointly respond to the crisis.

China's economic growth slowed down to 6.8 percent in the fourth quarter of last year and further declined to 6.1 percent in the first quarter of this year. "Despite the dropping growth rate, as the effects of our policies aimed at boosting domestic demand are increasingly felt, the slowdown is decelerating and the economy is expanding more steadily," Zeng said.

"I am confident that the Chinese economic growth will make important contribution to world economic recovery and Asian ecnomic stability, " he said.