Strong, sustainable growth key to global recovery: Chinese president

08:28, June 28, 2010      

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Chinese President Hu Jintao Sunday described strong and sustainable growth as the top priority and long-term objective for the world economic development.

President Hu emphasized the significance of strong and sustainable growth while addressing the Group of 20 (G20) Summit.

"To ensure strong growth is the top priority in today's world economic development," Hu said, "to enable sustainable growth is our long-term objective."

But the Chinese president pointed to the fact that balance should be integrated with strong and sustainable growth.

"To achieve balanced growth through the transformation of the economic development pattern is necessitated by the calling of our times," Hu added.

The Chinese leader called upon other heads of state and government attending the G20 Summit to take proactive steps to ensure strong growth, make great efforts to develop the real economy, create jobs for the people and step up international cooperation in emerging industries.

"We should overcome difficulties in the course of progress and tackle challenges through growth," the Chinese president said, "We should value sustainable growth, which includes sustainability of the environment as well as sustainability of fiscal, monetary, trade and industrial policies, and reduce macro-economic fluctuations and risks."

"We should strive for balanced growth, including balanced growth both among different parts and industries of a country and among different countries and regions," Hu said.

But the Chinese leader warned that it would take a long and complex process to achieve strong, sustainable and balanced growth of the world economy.

"It cannot be done overnight. We must make persistent efforts to push forward this process. And in doing so, we must also take into account specific circumstances of industrial countries and respect their diverse development paths and models."

President Hu offered examples and experiences to back up the Chinese insight in coping with the ongoing global financial and economic slowdown.

"Since the outbreak of the international financial crisis, China has comprehensively implemented and continuously enriched and improved its package plan and other policy measures in response," He told G20 summiteers.

"As a result, the Chinese economy grew by 8.7 percent in 2009 and contributed its part to regional and global economic recovery. Since the start of 2010, the Chinese economy has maintained steady and relatively fast growth. In the first quarter, the economy grew by 11.9 percent."

President Hu said his country always values sustainable growth which is demonstrated by the country's effort to keep budget deficit under 3 percent of the GDP.

"Since the beginning of this year, as we work to maintain the consistency and stability of our macro-economic policies, we have also stressed the need to make our policies more responsive and flexible in the light of evolving circumstances, strike the right balance between ensuring steady and relatively fast economic growth, restructuring the economy and managing inflation expectations, and put in greater efforts to make economic growth more sustainable," President Hu said.

China has been boosting domestic demands so as to better balance off the country's economic development and cope with the global economic slowdown.

"In 2009, while China's total exports in goods dropped by 16 percent, its retail sales (at home) were up by nearly 17 percent in real terms, fixed assets investment increased by about 30 percent, and current account surplus relative to the GDP fell to 6.1 percent," Hu cited telling figures.

Both the big drops in the country's trade surplus and the swift trend toward current account balance have been major signs of China's more balanced economic development, Hu pointed out.

However, Hu said the government and people of his country are "soberly aware" of the difficulties and challenges ahead, due to the large population, weak economic foundation, lack of balance in the development between urban and rural areas and serious environmental and resource constraints of the country.

The populous country is faced with employment problems in both urban and rural areas, the president added.

"To address these difficulties and challenges, we have been following a scientific outlook on development that puts people first and seeks comprehensive, balanced and sustainable development," he said.

The Chinese president promised to accelerate the transformation of his country's economic development pattern to implement the scientific outlook.

"We are focusing our efforts on readjusting at a faster pace national income distribution pattern, the urban-rural development structure, regional development structure and industrial structure," he said.

Hu said the goal is to promote balanced economic and social progress and that the balanced and sustainable development of the Chinese economy will benefit the world economy as well.

"China stands ready to work with other parties to draw on each other's strength, pursue cooperation on the basis of equality and common development, and bring about a more rational division of international labor, a more balanced financial and trade structure, a more scientific pattern for resource allocation and a more equitable system for interest sharing, so as to put the world economy on the track of sustained and balanced growth," President Hu said.



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