China is looking to next month's meeting of world leaders in London to boost confidence and global coordination in dealing with the world financial crisis, its foreign minister said Saturday.
The G-20 meeting, scheduled for April 2, will bring together Chinese President Hu Jintao and leaders of the world's major economies in a quest for ways to stabilize financial markets, lessen fears of a lengthy recession, and begin overhauling the global financial system.
The summit should "play a role in boosting the public's confidence," Foreign Minister Yang Jiechi said at a news conference held on the sidelines of the annual legislative session.
"In this regard we are willing to work with the United States and other countries in the world to weather the storm and make joint efforts to tackle the difficulties brought by the financial crisis," Yang said.
China has so far appeared reluctant to offer major cash injections to the International Monetary Fund and other global financial bodies, and Yang offered no specifics on what proposals Beijing would bring to London.
Instead, he reiterated Beijing's contention that the biggest help China can offer the global economy was to keep its own financial house in running order.
"To maintain the steady and relatively fast development in China is in itself the biggest contribution China can make to international cooperation in meeting the financial crisis," Yang said.
China was also helping by aiding developing nations, especially those in Africa, and reminding countries of their similar commitments, Yang said. He also said the recent visit to Europe by a Chinese trade delegation led by Commerce Minister Chen Deming that resulted in the signing of deals potentially worth $15 billion was beneficial.
"It is imperative for all countries to put the needs of people first and to take a down-to-earth approach in pursuing economic development, social progress and international equity and justice," Yang said.
In the wide-ranging news conference Yang said China would continue to invest its nearly $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 U.S. Treasury and U.S. policy-makers have sought assurances that Beijing will keep buying American government debt.
Yang, who will visit Washington in preparation for the London summit, said relations with the new U.S. administration of President Barack Obama had gotten off to a "good start" and the two countries' leaders had found ample common ground in their phone conversations.