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China targets summit to deal with crisis, boost confidence

CHINA is looking to the G20 summit of world leaders in London next month to boost confidence and deal with the world financial crisis, its foreign minister said yesterday.

The G20 summit would be able to achieve "positive" results with the joint efforts of all parties, Foreign Minister Yang Jiechi said at a news conference held at the annual session of the National People's Congress in Beijing.

"We are willing to work with the United States and other countries to weather the storm and make joint efforts to tackle the difficulties of the financial crisis," Yang said.

The G20 meeting should "play a role in boosting public confidence," he said.

The summit, scheduled for April 2, will bring together Chinese President Hu Jintao and leaders from 18 nations and the European Union to develop ways to stabilize money markets, cut recession fears and start overhauling the global financial system.

Yang said the biggest way China could help the global economy was to keep its own financial house in good running order.

"To maintain steady and relatively fast development in China is in itself the biggest contribution we can make to international cooperation to deal with the financial crisis," Yang said.

China was also helping by aiding developing nations, especially those in Africa, the foreign minister said.

He added that the recent visit to Europe by a Chinese trade delegation - which resulted in the signing of deals potentially worth US$15 billion - was beneficial.

In the wide-ranging news conference, Yang said China would continue to invest its nearly US$2 trillion in foreign exchange holdings on the basis of ensuring security, liquidity and increasing value.

Hundreds of billions of those holdings have been invested in the US Treasury and US policy makers have sought assurances that China would keep buying American government debt.

Yang, who will visit Washington in preparation for the London summit, said China was ready to cooperate with the new US administration to improve China-US ties.

He said China and the United States shared broad common interests against the backdrop of the worsening global financial crisis.

"I hope the two countries can accommodate the core interests of each other and further improve exchanges, coordination and cooperation," he said.

Yang confirmed that there would be a meeting between President Hu and US President Barack Obama on the sidelines of the G20 summit in London.

The meeting will be the first between the two leaders since Obama took office.

Yang said China-US relations were off to a good start since President Obama took office. Hu and Obama had talked by phone and reached consensus on jointly advancing bilateral relations, he said.

Yang also said that China would further promote cooperation and exchanges with Russia this year as the two countries embraced the 60th anniversary of establishment of diplomatic ties.

China would fully cooperate with Russia in various fields, including energy, science and technology, he said.

Their recent agreement on the construction of a crude oil pipeline project, a long-term crude oil trading deal and a financing scheme was a "mutually beneficial, win-win result," said Yang.

The deal involved China lending US$25 billion to Russia in exchange for a 20-year oil deal from 2011 involving a total volume of 300 million tons.


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