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On June 27, 2010, Chinese President Hu Jintao concluded his state visit to Canada and left Toronto for China after attending the Fourth Summit of the Group of 20 (G20) held in Toronto.
Hu Jintao arrived in Ottawa on the 23rd of June, starting his state visit to Canada. During the visit, Hu Jintao met respectively with Canadian Governor General Michael Jean and Prime Minister Stephen Harper, having an in-depth exchange of views on China-Canada relations and regional and international issues of mutual interest. The two sides reaffirmed their commitments to the development of a strategic partnership. The two sides announced that the bilateral trade volume will be uplifted to 60 billion U.S. dollars by 2015. China announced the establishment of the Chinese cultural centre in Canada. The two sides also signed a series of cooperation documents.
At the banquet held by Prime Minister Stephen Harper, Hu Jintao delivered a speech entitled "Comprehensively Advancing the Strategic Partnership between China and Canada", putting forward opinions and propositions on how to better promote the development of China-Canada relations. He also raised important suggestions on how to strengthen economic and trade cooperation between the two countries.
After the state visit to Canada, Hu Jintao attended the Fourth Summit of the Group of 20 held in Toronto.
At the Toronto summit, the leaders of the Group of 20 discussed a number of issues including the world economic situation, the European sovereign debt crisis, "the Framework for Strong, Sustainable and Balanced Growth", the reform of international financial institutions, international trade and financial regulation. President Hu Jintao made an important speech centering on those subjects.
Hu pointed out that with the concerted efforts of the G20 members and the international community, the world economy is recovering but the foundation for such recovery is not firm. The recovery process is unbalanced. There are still great uncertainties. The sovereign debt risks in some countries are escalating. The problems of some systemically important financial institutions are emerging in a concentrated manner. Exchange rates of major currencies are experiencing considerable fluctuations. The international financial market is volatile. The prices of bulk commodities are fluctuating violently. Protectionism of various forms is on a significant rise. All these show that the deep causes of the international financial crisis have not yet eliminated. The systemic and structural risks of the world economy are still prominent.
Hu stressed, “We must gain a deep understanding of the severity and complexity of the profound impact of the international financial crisis, continue to carry forward the spirit of solidarity and win-win cooperation, and drive the world economy toward strong, sustainable, and balanced growth.”
The summit of the Group of 20 is an important and effective platform for the international community to jointly address the international financial crisis and strengthen international economic cooperation. The G20 members include China, Argentina, Australia, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America, and the European Union.
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