On September 25, 2009, Chinese vice foreign minister He Yafei told the media at a briefing held during the G20 Pittsburg summit that progress on the reform of international financial system is a bright spot of the summit.

He said that G20 members expressed strong desire to reform the international financial system. A key message sent by the summit is that the governance structure and decision-making procedures of international financial institutions should reflect the reality of world economy today. The focus of the reform is to increase the voice, representation and voting power of developing countries, and most critically nations should show political sincerity and charm of their leaders in implementing the timetable and roadmap defined at the London summit.

He pointed out another bright spot is that the Pittsburg summit will make decision on the future of G20 and the global economic governance structure. All the participants agreed to designate G20 as a premier forum for global economic governance. G20 has held three summits since the outbreak of global financial crisis last year and made great achievements. It has played an important and unique role in coping quickly with the troubles caused by the financial crisis and stimulating the world economic recovery.

He noted that the Pittsburg summit is held against the background that the world economy is slowly coming out of the shadow of recession. Although not consolidated yet, signs of recovery have emerged. China has made active contributions to the success of the summit. We believe at present G20 members and all the other members of the international community should strengthen coordination of macroeconomic policies and continue to boost the world economic recovery. The participants unanimously agreed to maintain their strong policy support until the recovery is assured.

As to the exit strategy, national leaders agreed on the necessity of strengthening coordination and considering the appropriate timing of exit. Currently the focus should still be put on consolidating and maintaining policy support.

He said that China is deeply concerned about the development issue and the difficulties faced by developing countries, especially the least developed countries in the process of addressing the financial crisis. China stressed that the top priority at present is to address the issue of unbalanced development. The world economy cannot achieve sustainable and comprehensive growth in a real sense without the development of developing countries.