The proposals put forward by the Chinese president include the adoption of resolute steps to boost global economic growth, pursuance of peaceful co-existence and maintenance of diversity of the world, closer multilateral cooperation to promote the establishment of a new world economic order, and stronger support for enriching the South-North cooperation.

On the adoption of resolute steps to boost global economic growth, Hu said that further global economic growth requires concerted cooperation of the international community and that all countries should strive to tap potential for economic development and stimulate the inherent vitality of economic growth while strengthening the coordination of macroeconomic policies, stabilizing their financial markets and maintaining the normal trade order so as to create a favorable environment for global economic growth.

As developed countries are vitally influential in global and regional economic development, they should adopt practical and effective financial and monetary policies to carry on necessary structural reform, boost domestic demand, increase import and rebuild market confidence, in order to play an active role in promoting global economic growth, he said.

On pursuance of peaceful co-existence and maintenance of diversity of the world, Hu said that steps should be taken to make full use of the opportunities produced by the trend of economic globalization to promote the exchange and mutual study of experience among different cultures and different development models in the world, in a bid to learn from others' strong points to offset weakness in competition and comparison, realize common development in seeking common grounds while reserving differences and inject vigor into global economic development.

On the strengthening of multilateral cooperation to promote the establishment of a new world economic order, Hu said that the establishment of a fair and rational new world economic order meets the requirement of economic globalization and conforms to the common interests of all countries.

At present, heightened attention should be paid particularly to the reform and improvement of international financial systems, in order to strengthen the capacity of preventing and dealing with crises, he said.

It is imperative to fully respect and embody the concerns of all countries, particularly developing countries, and improve an open and fair multilateral trade system.

The international community should make joint efforts to fight terrorism, in order to create a favorable international environment for promoting common development.

All countries should manage to maintain the authority of the United Nations and give full play to its leading role in safeguarding world peace and promoting common development, the Chinese president said.

On increasing support for enriching South-North cooperation, Hu said developing countries themselves should be mainly responsible for their own economic development.

However, as developing countries are of poor conditions and a weak economic basis, they usually have difficulty in fully taking advantage of the opportunities brought about by economic globalization, he said.

The international community should be concerned about the plight of developing countries, offer them necessary support, manage to increase their developing capacity and help them benefit from economic globalization.

Developed countries should fulfill their due responsibilities and obligations by further opening markets, eliminating trade barriers and practically meeting their commitments to increase financial and technical support, debt relief, etc.

All countries should make further efforts to strengthen coordination and consultation and explore a way of forming specific measures and mechanisms, in order to realize the consensus of the international community on development, the Chinese president said.

Hu arrived here earlier Sunday for the informal South-North leaders dialogue meeting between the G8 leaders and the heads of state or government of 11 developing countries for discussions on cooperation, development, environment, public health and other issues of common concern.

This year, the informal South-North leaders dialogue meeting is being held between the G8 leaders and the heads of state or government from Algeria, Brazil, China, Egypt, India, Malaysia, Mexico, Nigeria, Saudi Arabia, Senegal and South Africa, as well as leaders from the United Nations, the World Bank, the International Monetary Fund and the World Trade Organization.

The G8 consists of Britain, Canada, France, Germany, Italy, Japan, Russia and the United States.

French President Jacques Chirac has scheduled a special focus of the dialogue meeting on Africa, with initiatives to write off the debt of the poorest countries, promote the fight against AIDS and access to cheap medicines and clean water in the developing world.

(Xinhua News Agency June 2, 2003)