China Calls for Bigger Say for Emerging Economies

Chinese President Hu Jintao says reforming and improving the global economic governance and increasing the say and representation of emerging economies would be conducive to world peace and common prosperity.

He made the remarks while meeting the press with leaders of other BRICS countries after the 3rd annual summit in Southern China.

CRI's Zhao Yang reports.

President Hu Jintao is calling for the reform of international monetary and financial systems, saying that the say and representation of emerging markets and developing countries should be increased.

"We (BRICS countries) decided to continue strengthening dialogue, coordination and cooperation on global economy, finance and development while deepening exchanges and cooperation in fields such as finance, think tanks, industry and commerce, science and technology as well as agriculture."

The idea is echoed by Jacob Zuma, President of the newest member of the bloc, South Africa.

"We also agree on the need for the reform of international financial institutions in order to promote a just economic world order."

BRICS is an acronym for five fast-growing emerging economies -- Brazil, Russia, India, China and South Africa. Combined gross domestic product of the nations accounted for 18 percent of the world's total in 2010.

Leaders at the summit have noted that current global economic recovery is still haunted by many uncertainties and major economies should coordinate their macroeconomic policies in order to push for a robust, sustainable and balanced growth in the world economy.

The five countries are also calling for more efforts to intensify international financial supervision and reform.

They have agreed to hold the next BRICS summit in India next year.

For cri, this is zhao yang reporting from Sanya.