On June 27, 2010, the Fourth Summit of the Group of Twenty (G20) was held in Toronto, Canada. Chinese President Hu Jintao attended the summit and delivered an important speech entitled "Work in Unity for the Future". President Hu stressed that the international community needs to gain a deep understanding of the severity and complexity of the profound impact of the international financial crisis, continue to carry forward the spirit of solidarity and win-win cooperation, and drive the institutional building of the G20. The international community needs to speed up the efforts to build a fair, equitable, inclusive and orderly new international financial order, build an open and free global trading system, enhance self-development capacity of developing countries, and drive the world economy toward strong, sustainable, and balanced growth.
The summit was held in the Metro Toronto Convention Centre. During the summit, the leaders mainly discussed such issues as the world economic situation, the European sovereign debt crises, "the Framework for Strong, Sustainable and Balanced Growth", the reform of international financial institutions, international trade and financial regulation.
At around 09:20 local time, the summit began. Canadian Prime Minister Stephen Harper took the chair. The participating leaders delivered speeches centering on the above-mentioned topics.
President Hu pointed out that with the concerted efforts of the G20 members and the international community, the world economy is recovering but the foundation for such recovery is not firm. The recovery process is unbalanced. There are still great uncertainties. The deep causes of the international financial crisis have not yet been eliminated. The systemic and structural risks of the world economy are still prominent. To drive the world economy toward strong, sustainable, and balanced growth, President Hu put forward a three-point proposal.
First, to propel the shift of the Group of 20 from an effective mechanism dealing with the international financial crisis to a major platform driving international economic cooperation. The G20 needs to strengthen coordination on macroeconomic policies, promote its institutional building in a progressive manner and in the principle of mutual benefit and win-win results, properly handle the relationship with other international organizations and multilateral mechanisms, and ensure its central role in promoting international economic cooperation and global economic governance.
Second, to speed up efforts to build a fair, equitable, inclusive and orderly new international financial order. The international community, in the principle of easy-to-implement and easy accountability, needs to promote international financial regulatory reform and establish an international financial system that is conductive to the development of real economy. The international community needs to particularly strengthen the regulation over the systematically-important financial institutions and credit rating agencies, continue to push forward the reform of international financial institutions, and speed up quota share adjustments of the International Monetary Fund (IMF). The international community needs to strengthen capacity building and regulatory reform of the IMF and strengthen supervision on macroeconomic policies of all economies especially the major reserve currency issuing economies.
Third, to promote the building of an open and free global trading system. The international community needs to take concrete actions against all forms of protectionism, strongly advocate and support free trade, keep their commitments, and strictly implement the requirements of not imposing new restrictions on commodities, investment and services so as to push the Doha Round negotiations for comprehensive and balanced results.
Hu stressed that ensuring strong growth is the top priority of the world economic development. Sustainable growth is the long-term goal. Achieving balanced growth through the transformation of economic growth patterns is the objective requirement. “We must firmly grasp the organic integration of the three. At the same time, we must persevere in advancing this cause with due consideration to different national circumstances and due respect for the diversity of national development paths and models.”
Hu said that China has always been promoting strong economic growth in the process of economic development. Since the outburst of the international financial crisis, China has been implementing in a full-fledged manner and constantly enriching the package of plans and policy measures and has therefore made its own contributions to the regional and international economic recovery. China is willing to work together with all parties to learn from each other, cooperate with each other on an equal footing, seek for common development, promote the world economy toward a more rational division-of-labor structure, a more balanced financial and trade structure, a more scientific resource-allocation structure, and a more equitable benefit-sharing structure and achieve sustainable development of world economy.
Hu stressed that to realize long-term growth of world economy, it is imperative to help developing countries achieve full development and narrow down the development gap between north and south. The Group of 20 has the responsibility to take more practical actions on the issue of development, guarantee development resources, improve development mechanisms, promote development cooperation, and ensure the timely realization of the Millennium Development Goals. Within the framework of South-South cooperation, China will continue to provide assistance within its capacity for developing countries and help them achieve development.
The summit adopted the G-20 Toronto Summit Declaration.
During the summit, Hu Jintao and the participating leaders took a group photo. President Hu also had a brief meeting with the Chinese youth representatives attending the G20 Youth Summit.
In the afternoon, President Hu attended the leaders’ working luncheon.
Wang Qishan and other top Chinese officials also attended the summit.
On the evening of June 29, President Hu attended the welcome reception and the working dinner of the G20 Summit.