Saudi King Pledges Global `Stability' in Oil Markets at G-20 http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8v7bNVwiY3Q
"`We will continue to fulfill our role in ensuring the stability of the oil market,'' Abdullah said today in a statement after a five-hour summit with the Group of 20 leaders. ``We will continue the program for government investment in spending on basic projects and services.'' Peace and best wishes. Xi On 16 nov, 17:51, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > http://www.bloomberg.com/apps/news?pid=20601087&sid=at5fHW4Wz5M0&refe... > > Nov. 15 (Bloomberg) -- Chinese President Hu Jintao, speaking to > leaders from the Group of 20 nations in Washington, said China can > help alleviate the impact of the financial crisis and slowing global > growth by stoking its own economy. > > ``Steady and relatively fast growth in China is in itself an important > contribution to international financial stability and world economic > growth,'' Hu said today, according to the official Xinhua News Agency. > The nation ``has taken an active part in the international cooperation > to deal with the financial crisis.'' > > Last week China announced a $586 billion economic stimulus, focused on > building low-rent housing, roads, railways and airports. The package > also allows tax deductions for fixed assets such as machinery to > stimulate investment. Farmers will also benefit from more subsidies. > > ``What China's doing is really important, and really necessary,'' U.S. > Treasury Secretary Hank Paulson said yesterday in an interview on CNBC > television. > > China accounted for 27 percent of global economic growth last year > under purchasing power parity calculations, more than any other > nation, according to the International Monetary Fund. April. > Purchasing power parity accounts for differences in the exchange rates > of national currencies. > > Premier Wen Jiabao's stimulus announcement came amid signs that growth > in the world's fourth-largest economy is slowing. Gross domestic > product grew by 9 percent in the third quarter from a year earlier, > the least in five years, while industrial output last month expanded > at the slowest pace in seven years. > > Financial Reforms > > The Chinese president added his voice to calls from Russian President > Dmitry Medvedev and Indian Prime Minister Manmohan Singh for changes > to the international financial system. > > Reform ``should aim at establishing a new international financial > order that is fair, just, inclusive and orderly and fostering an > institutional environment conducive to sound global economic > development,'' Hu said, according to Xinhua. > > As head of the world's second-biggest exporting nation, Hu also urged > countries not to raise trade barriers to protect their economies. > > ``The international community should prevent all kinds of trade and > investment protectionism and promote the Doha round of trade talks to > achieve positive progress,'' Xinhua quoted Hu as saying. > > He urged industrialized nations to play their part in tackling the > global financial crisis, which triggered an equities rout that's > halved the market value of worldwide stocks to about $30 trillion so > far this year. China benchmark CSI 300 Index of shares has dropped 64 > percent and Hong Kong's Hang Seng Index has slumped 51 percent. > > Developed nations ``should undertake their due responsibilities and > obligations'' by stabilizing their economies, restoring growth and > taking ``active steps to stabilize their own and the international > financial markets and safeguard investors' interests,'' Xinhua > reported Hu as saying. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
