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After a BRIC-country meeting held in London, Xie told a news conference that the four countries are now at a key stage of economic recovery, and should strengthen their coordination of economic policy.
The finance ministers and central bank governors of Brazil, Russia, India and China, the so-called BRIC countries, gathered in London on Friday to discuss the current situation of the world economy, as well as their governments' fiscal and monetary policy responses.
Xie stressed that promoting the reform of international financial institutions is a common consensus reached at the G20 summit held in London in April, adding that "we must put it into practice in accordance with the timetable."
The Chinese minister also called on the international community to attach great importance to the imbalance between the North and the South, and to further help developing countries realize common development, so as to achieve a fundamental balance and sustainable growth of the global economy.
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Alexey Kudrin (2nd L), Xie Xuren (4th L), Guido Mantega (4th R) and Pranab Mukherjee (2nd R), finance ministers from Russia, China, Brazil and India, have a group photo taken with other attendees prior to their meeting in London, capital of the U.K., Sept. 4, 2009. |
They vowed to make more efforts to maintain world trade growth and sustainable economic growth, and looked forward to strengthening the role of the new emerging countries in the international financial institutions.
During the meeting, held on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting to be held this weekend, the BRIC officials "noted the key role that the G20 has played as the focal point in the coordination of international responses to the global crisis and exchanged views on the reform of international financial institutions."
The officials agreed that emerging market economies have shown resilience and helped the world economy absorb the impact of the deterioration of trade, credit flows and demand. In many of them, growth is already back on track after a few quarters of recession or slowdown.
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Chinese Finance Minister Xie Xuren (2nd R) speaks at a press conference after meeting with his counterparts from Rissa, Brazil and India in London, capital of the U.K., Sept. 4, 2009. |
The BRIC countries called on the G20 countries to continue to implement countercyclical fiscal and monetary policies in a sustainable and internationally-coordinated manner, and take effective measures to guard against potential economic risks while respecting the particular conditions of each country.