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Premier Wen’s European tour underscores China’s confidence
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16:23, February 03, 2009

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Chinese premier Wen Jiabao left from Jan. 27 to Feb. 2 for an official visit to four European countries and the EU headquarters and for taking part to the annual meeting of the World Economic Forum (WEF) in Davos. Wen’s visit, characterized as a “trip of confidence” to cope with the global economic slowdown, showed China’s determination to work with European nations to enhance the China-EU comprehensive partnership and deepen bilateral cooperation.

Premier Wen’s speech, entitled “Strengthen Confidence and Work Together for A New Round of World Economic Growth”, underscored China’s confidence to handle the global economic crisis. Confidence came from the fact that the long-term trend of China’s economic development remained unchanged.

China witnessed steady and rapid economic development in 2008. The good situation can be proved by the GDP growth of nine percent and the stable operation of the country's financial system, the abundant grain harvest for the fifth year in a row, over 1.1 million jobs created in urban areas as well as the increase of salary for both urban and rural residents. China has become the “factory of the world” in terms of manufacturing and one of the developing countries that attracted the largest amount of foreign direct investment.

Confidence also comes from the fact that China maintains steady and fast economic growth and continues to contribute to the world economic growth. Being the largest developing country, China experienced sustained and rapid economic growth, which continuously promoted the development of global economy. According to UN’s World Economic Situation and Prospect 2009, the contribution of China’s economic growth to the world economy will rise to 50 percent this year from previous 22 percent in 2008. Emerging economies, China in particular, will bring new hope and confidence to the global economic recovery when economies in the developed countries are suffering recession.

Wen said the global financial meltdown had dealt a heavy blow to the economy in China. However, China took prompt measures and initiated favorable policies to cope with it, including setting the expansion of domestic demand as a primary method to boost economic growth, launching an economic stimulus package of 4 trillion yuan to push GDP growth. Early economic recovery has appeared in China and this would definitely boost global confidence in economic development and reduce the impact of global financial crisis.

Premier Wen also signed a series of economic and technological cooperation deals with Germany, Belgium, Spain and UK while the economy in Europe is at the lowest point. Wen said China would send delegations to purchase commodities in those countries, a friendly move to express determination and sincerity to help them cope with the economic recession. The two sides have already treated each other as a “friend in need”.

Enhancing mutual trust between the world’s largest developing country and the world’s largest national bloc would play a decisive role in world peace and prosperity, Wen said at a joint press conference at European Union headquarters in Brussels, Belgium, Jan 30.

However, the early recovery of global economy and the fulfillment of strategic objectives depend on the close cooperation and responsibility between China and the rest of the world. Premier Wen put forward a five-point proposal on enhancing international cooperation to cope with the global financial crisis and creating a fair, healthy and stable international economic order, namely, opposing all kinds of trade protectionism advocated by the US and some European countries, ensuring that developing countries have more say in international financial organizations, enlarging the coverage of supervision by international financial system and protecting the interests of developing countries.

The ongoing international financial meltdown had great negative impact on the global economy, and Premier’s trip of confidence to Europe has won support from the entire world. An article published on the Daily Telegraph pointed out that the economic growth in China has become one of the greatest factors to stabilize the global financial market and to help revitalize the world economy as the developed economies are suffering their worst downturn since Great Depression.

By People's Daily Online



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