Rebuilding financial confidence
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Moreover, the world should not ease off taking more concrete rebalancing actions at a time when Europe is mired in a public debt crisis, the emerging economies are facing inflationary pressures and the United States is still experiencing difficulties with toxic assets and economic sluggishness.
Other economies should follow the examples of China and the US and set up plans and timetables to increase their exports or imports, speed up economic globalization and decrease global imbalances.
China recently pledged that it will further open up its economy by encouraging Chinese companies to invest overseas, increasing foreign purchases and doubling China's imports during the coming five years.
China's ambitious plan has been echoed by the US, which announced it intends to double its exports by 2014.
As to reform of the US dollar-dominant monetary system, France is proposing to extend the basket of currencies in the IMF's special drawing rights to include the yuan. When Chinese President Hu Jintao visited the US in January, the US agreed to support this move, but China has yet to draw up a timetable for its implementation.
However, China has already said it will contain systemic risks in its banking system and implement the Basel III standards of financial supervision. These counter-cyclical policies proposed in the G20 communiqus have already been written into a policy guideline by China's leadership. And most likely, the concepts will be turned into laws to safeguard China's financial and banking safety.
But it will take a collective effort at the meeting in Paris to achieve a global consensus on policies and actions that might help avert another global financial crisis.
The author is China Daily's chief correspondent in Brussels.
