As Europe's debt troubles cast a shadow over the G20 summit in Cannes, economists are saying that countries should put a priority on achieving economic growth.
            
            
                       BEIJING - As Europe's debt troubles cast a shadow over the G20  summit in Cannes, economists are saying that countries should put a  priority on achieving economic growth.       
         President Hu Jintao said on Wednesday that G20 members should  use cooperation to promote the sustainable and balanced growth of the  world economy.         
           "It's the common task of all countries to work together to  escape this unsustainable and imbalanced trap," said Huo Jianguo,  director of the Chinese Academy of International Trade and Economic  Cooperation.           
             If a recovery and stable economic growth are to be obtained  during a time of turmoil, there must be more coordination of  macroeconomic policies and cooperation on trade and investments, Huo  said.             
               "During such a difficult period, it becomes even more  essential for economies to stick to open, market-based fundamentals and  avoid protectionism in trade and investment," he said.               
                 China and other emerging countries have acted in the  financial crises as engines of world economic growth, a role they are  expected to keep playing.                 
                   China's economic growth will proceed steadily onward  despite the slow growth that its key partners are expected to see, said  Zhuang Juzhong, an economist with the Asian Development Bank.                   
                     "Driven by China and India, the economic outlook for  Asia, excluding Japan, remains good," he said. "All of Asia will  continue to enjoy strong growth."                     
                       Even so, emerging economies are faced with two  significant threats: the eurozone's worsening debt troubles and the  United States' sluggish economy.                       
                         Richard Herd, senior economist for the  Organization for Economic Cooperation and Development, said Greece, even  if it benefits from European leaders' bailout offer, will still have a  large debt load.                         
                           The EU has put forward a proposal that would  have Greece write down the debt it owes to private investors by 50  percent. The proposed bailout package would bring Greece's debt load  down to 120 percent of its economic output by 2020.                           
                             Walther Kiep, an honorary president of the  German Atlantic Bridge Program, said the troubles in Europe were caused  by the existence there of an incomplete economic and financial system.                             
                               "I don't understand why, after the first  financial crisis in 2008, that we didn't consequently change the  national and European legislation to avoid a repetition," he said.                               
                                 "If we want to get the European Union  system functional, we have to have a central European Financing  Ministry, or we can call it something else, to coordinate the currencies  and financial systems among the member states. I think it's a necessity  if we want to get things in order."                                 
                                   "The developed countries were the  initiators of the imbalanced economy," said Zhang Yansheng, director of  the National Development and Reform Commission's institute for  international economics research. "And emerging countries shouldn't pay  the bill for the world economic imbalance."                                   
                                     China is moving to import more,  improve its industrial structure and boost its domestic consumption,  even as it is faced with rising costs and it tries to lower the amount  of emissions it releases, he said.                                     
                                       China's trade surplus has been  blamed as a source of the world economic imbalance, he said.                                       
                                         But a much bigger cause of that,  he said, has been the international division of labor, since the  majority of the country's trade surplus has resulted from the operations  of international companies in China, he said.