China will support France's G20 presidency: Hu

4th November 2010, Comments 0 comments

China backs France's goal of using its upcoming presidency of the G20 group of economic powers to reform the global financial system, President Hu Jintao said Thursday.

"China supports France in its efforts to ensure the success of the G20 summit next year," Hu said, during his formal toast at the end of a state dinner in Paris with France's President Nicolas Sarkozy.

A joint statement issued after the talks between the leaders said Paris and Beijing "believe the G20 needs to re-found the international financial systmem on healthier and safer foundations."

France will take on the presidency of the G20 group after next week's global summit in South Korea, and Sarkozy has said his priorities will be to improve coordination between powers on exchange rates and commodity prices.

China has been criticised by the United States and some European powers for maintaining its currency at too low a level, boosting its exports but creating a yawning trade deficit with the traditional developed world.

Sarkozy has adopted a conciliatory tone with China, which confirmed more than 20 billion dollars in trade deals with France on Thursday, and has said Beijing's cooperation is "essential" to the success of his G20 programme.

© 2010 AFP

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