We share an interest in China's integration into the world economy, which is essential for China's development.

If we are to maintain Europe's openness to China, we must be able to show that China is open to Europe.

So we share an interest in an international system governed by rules and norms.

We share an interest in effective cooperative governance, including for the world economy.

We share an interest in fighting protectionism and in a co-ordinated rebalancing between surplus and deficit countries.

These interests, those responsibilities are both economic and political.

Let me take each in turn.

Economic responsibilities

First, economic responsibilities.

Let's get straight to the point.

The world economy has begun to grow again after the crisis.

But that growth is very uneven.

Led by China, Asia and other emerging markets are growing quickly.

But in much of the advanced world growth is slow and fragile and unemployment stubbornly high.

We should not be surprised at this.

The crisis has damaged many advanced economies and weakened their financial sectors.

They face major structural and fiscal adjustments to rebalance their economies.

This is true of my own country.

We know what steps we need to take to restore the public finances and rebalance our economy towards greater saving and investment and greater exports.

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