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Hu makes 4-point proposal to boost world economy

(Xinhua)
Updated: 2009-11-13 16:02

Chinese President Hu Jintao put forward a four-point proposal to boost economic growth and revive the world economy during a speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Singapore on Friday.

In his speech, Hu also briefed Asia-Pacific business representatives on China's policy measures to counter the international financial crisis, and expounded China's views on enhancing cooperation and boosting economic growth in the Asia-Pacific region.

The four points of the Chinese president's proposal are: strongly promoting trade and investment liberalization and facilitation; pushing forward regional economic integration through multiple channels; a renewed effort to advance reform of the international financial system; and accelerating transformation of economic development patterns with innovative ideas.

Hu said China had introduced a number of policy measures to counter the international financial crisis, which has brought unprecedented difficulties and challenges to the Chinese economy.

He said the country had provided a timely adjustment to its macroeconomic policies, and introduced a proactive fiscal policy and a moderately easy monetary policy.

"We adopted a stimulus package and relevant policy measures, and have improved them in the course of their implementation," the Chinese president said. "Our focus in countering the crisis is to expand domestic demand, especially consumer demand."

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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," Hu said.

The measures China had adopted to counter the crisis were conducive not only to the fast growth of the Chinese economy but also the recovery of world economic growth, Hu said.

"China can not achieve development in isolation from the world, and the world needs China for development. A more developed China will bring more opportunities and make a greater contribution to the world," he added.

The measures had also offered more opportunities for other countries and the business community of the Asia-Pacific region, Hu told the business community representatives.

The APEC CEO Summit, which opened in Singapore on Friday, provided 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." It focuses on how to counter the international financial crisis, reviving world economy and strengthen enterprise management.