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Hu urges APEC to promote sustained economic growth

(Xinhua)
Updated: 2008-11-22 09:21

LIMA -- Chinese President Hu Jintao on Friday called on members of the Asia-Pacific Economic Cooperation (APEC) to work together to ensure the sustained economic development of the Asia-Pacific region.

China's President Hu Jintao delivers a speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Lima November 21, 2008. [Agencies]

Addressing the APEC Chief Executive Officers (CEO) Summit, Hu said the rich diversity, great interdependence and complementarity among the APEC members have enabled them to deepen regional cooperation and jointly respond to challenges.

GLOBAL FINANCIAL CRISIS

The ongoing international crisis has spread from some parts of the world to the entire globe, from developed countries to emerging markets and from the financial sector to the real economy, Hu said.

It is still spreading and has seriously affected the economic development and people's livelihood of all countries, he added.

"The situation is very grim," he said. "To effectively address the financial crisis, maintain global financial stability and promote world economic development are crucial to global prospect of growth and the immediate interests of all countries."

At this critical juncture, countries should enhance their confidence and coordination, cooperate closely and take prompt and effective measures, including all necessary fiscal and monetary means, to stop the spread and development of the financial crisis, bring early stability to the international financial markets, minimize the damage on the real economy, bolster world economic growth and safeguard the common interests of people of all countries, Hu added.

With a sense of responsibility, China will continue to work with the rest of the international community to enhance cooperation and preserve stability in international financial markets, he said.

China is doing its best and has adopted a number of important measures, including ensuring the stability of its banking system, providing necessary liquidity support to the financial markets and institutions and enhancing macroeconomic policy coordination and cooperation with other countries, Hu said.

Hu added it is imperative to step up international cooperation in financial regulation and enhance the early-warning and regulatory capacities.

Hu urged the international community to earnestly draw lessons from the ongoing financial crisis and, based on full consultations among all stakeholders, undertake necessary reform of the international financial system in a comprehensive, balanced, incremental and result-oriented way with a view to establishing a new international financial order that is fair, just, inclusive and orderly and fostering an institutional environment conducive to sound global economic development.

China will continue to promote the building of a sustainable international economic system, an inclusive and orderly international financial system, a just and equitable international trading regime and a fair and effective global development system, Hu noted.

BUSINESS COMMUNITY'S ROLE IN ECONOMIC DEVELOPMENT

The Chinese president also urged the business community of the APEC to play an important role in tackling the ongoing financial crisis, the worst since the 1930s.

Hu said the business community is a major player in promoting world economic development and sound and stable international economic and trade relations.

"It has an important role to play in tackling the global financial crisis and keeping the world economy on an even keel."

It is imperative to bring into play the role of enterprises, especially multinational corporations, he added.

While trying to maximize returns through market operations, enterprises should adopt a responsible attitude, pursue mutual benefit and complementarity, bear in mind the need to maintain overall economic stability and avoid risks, said the Chinese president.

CHINA'S FUTURE DEVELOPMENT

On China's future development, Hu said China will continue to follow the Scientific Outlook on Development by putting people first and making development comprehensive, balanced and sustainable.

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