Thaindian News

Sanya (China), April 14 (IANS) Chinese President Hu Jintao, hosting the BRICS summit of five emerging economic powers Thursday, called for the reform of international monetary and financial systems.

“We should establish fair, just, inclusive and well-managed international monetary and financial systems to support global economic development and increase the say and representation of emerging markets and developing countries in these systems,” Hu said at the summit which was attended by leaders of Brazil, Russia, India, China and South Africa.

“We should set up a just and equitable international free trade system, oppose protectionism in all its forms, strengthen the multilateral trading regime and push for early attainment of the goals of a development round at the Doha Round negotiations,” Hu said.

Hu said the international financial crisis has aroused much thinking and discussion about world economic imbalances, Xinhua reported.

“In the final analysis, the biggest imbalance in the world economy is the development imbalance between the North and the South, and the most fundamental problem in the world economy is the inadequate development of developing countries,” he said.

He called on countries to renew commitment to the development of developing countries and promote world economic recovery and growth.

Hu said cooperation mechanisms among emerging market economies represented by the BRICS constitute “a new model” of global economic cooperation and an important way of pursuing multilateralism.

“They can continue to play an active role in boosting cooperation among emerging market economies,” he said.

The term of BRIC was first coined by Goldman Sachs economist Jim O’Neil in 2001 to group four fast-growing economies — Brazil, Russia, India and China.

South Africa was invited in late 2010 to join the bloc.