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China acts responsibly in fighting crisis

(Xinhua)
Updated: 2009-04-01 15:17

BEIJING -- Chinese President Hu Jintao left here on Wednesday for the Group of 20 (G20) summit in London, Britain, aiming to seek a viable solution to the global financial crisis and overhaul the current international financial order.

CHINA, SIGNIFICANT CONTRIBUTOR TO WORLD ECONOMIC GROWTH

"As a responsible member in the international community, China has played a part in international cooperation to fight the crisis. China will continue to coordinate macro-economic policies with other countries and push for the reform of international financial system and help maintain multilateral trade system, in order to contribute to the recovery of the world economy," Hu told Xinhua on Tuesday.

The Chinese president said that he would work with other participants to help the summit yield "positive" and "practical" results.

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Observers here say that Hu's remarks explained China's stance on the summit and sent a message that China has been a responsible partner in efforts to combat the crisis.

The London summit will be held against the background of a worsening global economic situation. The World Bank on Tuesday painted a gloomy picture for the world economy, predicting that global growth would contract by 1.7 percent this year, the first decline since World War II.

The bank said in its Global Economic Prospects update that growth momentum will turn weakly positive in 2010 as financial-sector consolidation, lost wealth and knock-on effects from the financial crisis continue to dampen economic activity.

According to the bank, GDP growth in East Asia and the Pacific is expected to ease to 5.3 percent in 2009, as growth in China slumps to 6.5 percent and several smaller economies in the region, including Thailand, fall into recession.

However, Justin Yifu Lin, World Bank chief economist and senior vice president, looked a bit optimistic, saying that China is likely to achieve a GDP growth of 7 percent to 8 percent this year as it still has much room for stimulus.

If his prediction proves true, China's economy will contribute 20 percent to the world's economic growth this year, according to UN estimates.

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