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September 26, 2009

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Hu urges balanced development

President Hu Jintao called on world leaders yesterday to make every effort to promote global economic growth and comprehensive, balanced and sustainable socioeconomic development.

In a speech at the Group of 20 nations summit in Pittsburgh, Pennsylvania, the Chinese president said the world economy has made progress since the two previous sessions.

"The international community's confidence has strengthened, financial markets have moved toward stability, and the world economy has seen positive signs," President Hu said.

But he warned that the foundation for an economic recovery is not solid and that many uncertainties remain.

"A primary task at present is to counter the international financial crisis and promote a healthy world economic recovery," he said.

The Chinese president called for efforts to be made in the following three areas:

First, to stand firm in the commitment to stimulate economic growth.

"All countries should keep up the intensity of their economic stimulus plans," the Chinese president said.

Both developed countries and developing countries should take more effective measures and make greater efforts to boost consumption and expand domestic demand.

Second, to stand firm in the commitment to advance the reform of the international financial system.

"We should follow through on the timetable and the road map agreed upon at the London summit, increase the representation and voice of developing countries and push for substantive progress in the reform," he said.

Third, to stand firm in the commitment to promote the balanced growth of the global economy.

"The root cause is the yawning development gap between the north and the south," Hu said.

China attaches great importance to comprehensive, balanced and sustainable economic and social growth and has relied mainly on expanding domestic demand to soften the impact of the international financial crisis, the president said.


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