国际英语新闻：BRIC nations call on G20 to maintain stimulus measures to ensure economic recovery and growth

    The four countries stressed that protectionism remains a real threat to the global economy and should be avoided, both in direct and indirect forms. Ongoing regulatory reforms in the financial sector should not impede cross-border capital flows and investments. Failure to do so would risk compromising the expected recovery of the world economy.

    "We believe that governments should work towards prompt and successful conclusion of the WTO Doha round in a way that ensures an ambitious, comprehensive and balanced outcome," they said.

Chinese Finance Minister Xie Xuren (C) speaks at a press conference after the meeting with his counterparts from Rissa, Brazil and India in London, capital of the U.K., Sept. 4, 2009.

In addition, the BRIC countries said they realize that permanent, sustainable reforms must still be implemented on multiple fronts, adding that the world needs a fair, equitable, inclusive and well-managed financial and economic architecture.

    "We cannot miss the opportunity to change international practices, rules and governance structures to make the global economy more resilient to future crises. We also believe that there is a great need for a stable and predictable international monetary system," they said.

    REFORM OF INTERNATIONAL FINANCIAL INSTITUTIONS

    The BRIC officials also called for a substantial shift of quotas and shares in the international financial institutions in favor of emerging market and developing countries.

Chinese Finance Minister Xie Xuren (2nd R) speaks at a press conference after meeting with his counterparts from Rissa, Brazil and India in London, capital of the U.K., Sept. 4, 2009.

The communique from the BRIC meeting said the reform is crucial to ensuring a stable and balanced global economy.

    For the International Monetary Fund (IMF) and the World Bank Group, the main governance problem, which severely undermines their legitimacy, is the unfair distribution of quotas, shares and voting power.

    The BRIC countries also proposed the setting of a target for that shift of the order of 7 percent in the IMF and 6 percent in the World Bank Group, so as to reach an equitable distribution of voting power between advanced and developing countries. This would lead the overall share of emerging market and developing countries in the IMF and the World Bank Group to correspond roughly to their share in world GDP.

    The four countries stressed that they welcome the progress that had been made in strengthening the IMF's lending capacity. They thought IMF notes or bonds are the best option to provide immediate resources to the IMF without undermining the quota reform process.

    The BRIC countries are together contributing 80 billion U.S. dollars to supplement the resources of the IMF.

    For the reform of the World Bank, the BRIC countries believed that the World Bank Group also requires a review of its capital base in order to be able to fulfill an effective countercyclical role, especially in trade finance, and to deliver its development mandate over the long term.

    Furthermore, they stressed the need to both expand the capital base and improve the efficiency and transparency of the governance structure at the World Bank.

    CONSOLIDATION OF G20

    During the meeting, the BRIC countries noted the key role that the G20 has played as the focal point in the coordination of international responses to the global crisis

    They underlined the great importance of consolidating the G20, saying that the group, now transformed into a leaders' forum, is establishing itself as an effective mechanism for international deliberation and decision on global economic and financial affairs.

    "We believe this role should be enhanced and consolidated by improving the internal governance of the G20 and establishing clearer rules and working procedures, moving forward only on those issues on which there is clear consensus," they said.

    In addition, they vowed to commit themselves to pursuing these objectives and strengthening the dialogue and cooperation among the four countries.

    Although there are some positive signs, it is too early to declare the end of the crisis. The global economy still faces great uncertainty, and significant risks remain to economic and financial stability, they observed.

    The BRIC countries called on the G20 countries to continue to implement countercyclical fiscal and monetary policies in a sustainable and internationally-coordinated manner, and take effective measures to guard against potential economic risks while respecting the particular conditions of each country.