Hu warns of exchange rate threat to markets
Source: Xinhua |
June 28, 2010, Monday
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Print Edition
Print Edition
PRESIDENT Hu Jintao warned yesterday that global financial markets can be threatened by wildly fluctuating exchange rates.
In a speech at a summit of the world's 20 top industrial and developing nations in Toronto, Canada, Hu warned of deep and serious global economic risks as "exchange rates of major currencies fluctuate drastically and international financial markets suffer from persistent volatility."
Hu said that China is "soberly aware" of the many challenges it faces: a large population, divided between booming cities and poor countryside, major environmental problems and a weak economic foundation.
Hu also called for a "cautious and appropriate" exit from economic stimulus packages and warned against trade protectionism.
"Developed countries should promote international trade with greater openness," Hu said.
"The deeper impact of the international financial crisis is yet to be overcome," he said.
"To ensure strong growth is the top priority in today's world economic development," Hu said. "To enable sustainable growth is our long-term objective."
The Chinese leader called upon other heads of state and government attending the G20 summit to take proactive steps to ensure strong growth, make great efforts to develop the real economy, create jobs and step up international cooperation in emerging industries.
"We should overcome difficulties in the course of progress and tackle challenges through growth," Hu said. "We should value sustainable growth, which includes sustainability of the environment as well as sustainability of fiscal, monetary, trade and industrial policies, and reduce macro-economic fluctuations and risks."
He warned that it would take a long and complex process to achieve strong, sustainable and balanced growth of the world economy.
"It cannot be done overnight. We must make persistent efforts to push forward this process. And in doing so, we must also take into account specific circumstances of industrial countries and respect their diverse development paths and models," the Chinese president said.
Hu said the government and people of his country are "soberly aware" of the difficulties and challenges ahead.
The country is faced with employment problems in both urban and rural areas, he added.
He promised to accelerate the transformation of China's economic development pattern to implement the scientific outlook.
"We are focusing our efforts on readjusting at a faster-pace national income distribution patterns, the urban-rural development structure, regional development structure and industrial structure," he said.
Hu said the goal is to promote balanced economic and social progress. The balanced and sustainable development of the Chinese economy will also benefit the world economy.
In a speech at a summit of the world's 20 top industrial and developing nations in Toronto, Canada, Hu warned of deep and serious global economic risks as "exchange rates of major currencies fluctuate drastically and international financial markets suffer from persistent volatility."
Hu said that China is "soberly aware" of the many challenges it faces: a large population, divided between booming cities and poor countryside, major environmental problems and a weak economic foundation.
Hu also called for a "cautious and appropriate" exit from economic stimulus packages and warned against trade protectionism.
"Developed countries should promote international trade with greater openness," Hu said.
"The deeper impact of the international financial crisis is yet to be overcome," he said.
"To ensure strong growth is the top priority in today's world economic development," Hu said. "To enable sustainable growth is our long-term objective."
The Chinese leader called upon other heads of state and government attending the G20 summit to take proactive steps to ensure strong growth, make great efforts to develop the real economy, create jobs and step up international cooperation in emerging industries.
"We should overcome difficulties in the course of progress and tackle challenges through growth," Hu said. "We should value sustainable growth, which includes sustainability of the environment as well as sustainability of fiscal, monetary, trade and industrial policies, and reduce macro-economic fluctuations and risks."
He warned that it would take a long and complex process to achieve strong, sustainable and balanced growth of the world economy.
"It cannot be done overnight. We must make persistent efforts to push forward this process. And in doing so, we must also take into account specific circumstances of industrial countries and respect their diverse development paths and models," the Chinese president said.
Hu said the government and people of his country are "soberly aware" of the difficulties and challenges ahead.
The country is faced with employment problems in both urban and rural areas, he added.
He promised to accelerate the transformation of China's economic development pattern to implement the scientific outlook.
"We are focusing our efforts on readjusting at a faster-pace national income distribution patterns, the urban-rural development structure, regional development structure and industrial structure," he said.
Hu said the goal is to promote balanced economic and social progress. The balanced and sustainable development of the Chinese economy will also benefit the world economy.
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