Hu offers 4-point proposal to revive world economy
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Chinese President Hu Jintao on Friday advanced a four-point proposal to boost economic growth and revive world economy during a speech at the Asia-Pacific Economic Cooperation CEO Summit.
In his speech entitled "Strengthen Confidence in Cooperation and Revive World Economy," Hu briefed Asia-Pacific business leaders on China's policies and measures to counter the international financial crisis, and expounded China's views on enhancing cooperation and boosting economic growth in the Asia-Pacific region.
Four-Point Proposal
"The world economy has shown positive signs of stabilization and recovery, which will help us increase confidence and deepen cooperation," Hu told about 1,000 Asia-Pacific business leaders gathered at the Suntec Convention and Exhibition Center for the summit, which opened here on Friday.
"At the same time, we must recognize that the international financial crisis has laid some serious problems, including the lack of sustainability in the current pattern of world economic growth and the existence of major deficiencies in the international financial system," Hu added.
The profound impact of the financial crisis is still evident and the world economic upturn is not yet firmly established. The inherent problems of the international economic system have not been fully addressed, and a comprehensive world economic recovery still faces many uncertainties and destabilizing factors, the Chinese president said.
Hu called for the adoption of a multi-pronged approach and turning the crisis into an opportunity and laying a solid foundation for the full recovery of the world economy.
The Chinese president therefore proposed to strongly promote trade and investment liberalization and facilitation, advance regional economic integration through multiple channels, renew efforts to advance reform of the international financial system, and accelerate transformation of economic development patterns with innovative ideas.
China's Counter-Crisis Measures
China has adopted a series of policies and measures to counter the international financial crisis, including a timely adjustment of its macroeconomic policies, a proactive fiscal policy and a moderately easy monetary policy, Hu said.
"We have adopted a stimulus package and relevant policies and measures, and have improved them in the course of their implementation," Hu said. "Our focus in countering the crisis is to expand domestic demand, especially consumer demand."
These policies and measures "have enabled us to maintain the momentum of steady and relatively fast economic growth and set the stage for sustained growth of the economy," he added.
China will further boost domestic demand, vigorously expand its domestic markets, and promote a balanced growth of domestic and external demand, he said.
"We will further advance transformation of the economic development pattern, encourage industrial upgrading, energy saving and pollution reduction, and ensure both economic development and environmental protection," Hu said.
China also will continue to improve people's well-being, especially with respect to education, medical care, old-age support, housing and other social programs so as to promote balanced economic and social development.
"We will follow through on our regional development strategies to achieve balanced development of different regions in China," Hu added.
The measures China have adopted to fight the crisis are conducive not only to the relatively fast growth of the Chinese economy but also to the recovery of world economic growth, Hu said.
"China cannot achieve development in isolation from the world, and the world needs China for development," he said, "A more developed China will bring more opportunities and make a greater contribution to the world."
Hu welcomes the Asia-Pacific business community to actively participate in China's development.
The APEC CEO Summit provides opportunities for CEOs in the Asia-Pacific region to hear from APEC leaders and international thought and business leaders ways to address the present financial crisis.
The event this year is held under the theme of "Rebuilding the Global Economy: Crisis and Opportunity." Its focus was on how to counter the international financial crisis, revive the world economy and strengthen enterprise management.
Hu arrived in Singapore on Wednesday for a state visit to the country and to attend the 17th APEC Economic Leaders Meeting, slated on Nov. 14-15.
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