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Home>>China >> China & World
09:05, September 26, 2009

Chinese president calls for efforts to promote growth, balanced development

Chinese President Hu Jintao attends the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25, 2009. (Xinhua/Ju Peng)

Chinese President Hu Jintao on Friday called on world leaders to make every effort to promote global economic growth and a comprehensive, balanced and sustainable socioeconomic development.

In a speech at the Group of 20 (G-20) economic summit in Pittsburgh, Hu said the world economy has seen positive signs since the two G-20 summits held in Washington in November and in London in April.

"The international community's confidence has strengthened, financial markets have moved toward stability and the world economy has seen positive signs," the Chinese president said.

Hu warned that the foundation of an economic recovery is not yet solid, and that many uncertainties remain.

"A primary task at present," he said, "is to counter the international financial crisis and promote a healthy world economic recovery."

Chinese President Hu Jintao (R5 Front) poses for photos with other participants during the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25, 2009. (Xinhua/Yao Dawei)

Hu called for more efforts be made in the following three areas:

-- First, to stand firm in commitment to stimulating economic growth:

"All countries should keep up the intensity of their economic stimulus plans," he said.

Both developed and developing countries should take more solid and effective measures and make a greater effort to boost consumption and expand domestic demand, he said.

"Major reserve currency issuing countries should take into account and balance the implications of their monetary policies for both their own economies and the world," Hu said.

Chinese President Hu Jintao (R Front) talks with Canadian Prime Minister Stephen Harper (L Front) during the Group of 20 (G20) Financial Summit in Pittsburgh of the U.S., Sept. 25, 2009. (Xinhua/Ju Peng)

-- Second, to stand firm in commitment to advancing reform of the international financial system:

"We should follow through on the timetable and the roadmap agreed upon at the London summit, increase the representation and voice of developing countries and push for substantive progress in the reform," the Chinese president said.

He urged world leaders to improve the existing decision-making process and mechanism in international financial institutions, and encourage more extensive and effective participation of all parties.

"We should move forward the reform of the international financial supervisory and regulatory regime," Hu said.

-- Third, to stand firm in commitment to promoting balanced growth of the global economy:

The global economic imbalances include gaps between savings and consumption, and imports and exports in some countries. But more importantly, he said, it manifests itself in the imbalances in global wealth distribution, resource availability and consumption and the international monetary system.

"The root cause, however, is the yawning development gap between the North and the South," Hu said.

He called on world leaders to build up international institutions that promote balanced development.

"We should scale up input in development in diverse forms ... We should value the important role of technological cooperation in promoting balanced development, reduce man-made barriers to technology transfer, and create an enabling environment for developing countries to narrow the development gap," Hu said.

The Chinese leader said his country has attached great importance to comprehensive, balanced and sustainable socioeconomic growth, and has mainly relied on expanding domestic demand, in mitigating the impact of the international financial crisis.

"In the first half of this year, despite the drastic contraction in overseas demand, China's GDP managed to grow by 7 percent year-on-year," he said.

Hu said that China has taken an active role in international development cooperation, and has been actively engaged in international cooperation to tackle the crisis since it broke out.

He said China will follow through on its assistance pledges and measures in a responsible manner, and within its capabilities offer more help to developing countries, particularly the least developed nations in Africa.

"I am confident that with the concerted efforts of the entire international community, we will prevail over this international financial crisis and usher in a more prosperous future for the world economy," he said.

Leaders from the Group of 20 gathered in Pittsburgh on Thursday and Friday to discuss ways to promote a recovery from the world economic and financial crisis.


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