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Less-developed countries need more aid: Hu

PRESIDENT Hu Jintao told the Group of 20 summit yesterday that further support should be given to developing countries in the fight against the global financial crisis.

Some developing countries are now suffering from deteriorating economic and financial conditions and increased social and political turmoil, Hu said in London.

He called on the international community to minimize the damage of the financial crisis on developing countries, especially the least developed nations.

He also urged the world community, developed nations in particular, to fulfill their responsibilities and obligations.

They should "take concrete measures to increase assistance to developing countries, help them promote economic growth and improve the external environment for the development of these countries," Hu said.

He said the most pressing task in countering the global financial crisis is to restore global economic growth and prevent a serious recession.

The financial crisis is "still spreading and deepening," and its impact on the global real economy is "becoming more and more evident," he said.

Every effort should also be made to oppose all forms of protectionism, maintain an open and free environment for trade and investment, speed reform and reshape the international financial order, he said.

"We should follow through on the international consensus, enhance confidence, take more effective measures, broaden cooperation, conduct more rational reforms and strive for substantive results," he said.

The president called on the world to strengthen confidence to confront the global economic crisis.

"We have the enabling conditions to tackle the financial crisis," Hu noted, adding that "through years of development, the world economy is on a solid material and technological footing."


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