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China to provide $10b to SCO members

(Xinhua)
Updated: 2009-06-17 13:22

Chinese President Hu Jintao said on Tuesday that China will provide a $10 billion credit loan to member states of the Shanghai Cooperation Organization (SCO) to shore up their economies amid the global financial crisis.

China will also organize visits by trade and investment promotion delegations to other SCO member states to boost two-way trade and investment, Hu said in a speech at the organization's summit in Yekaterinburg, Russia.

Hu reiterated that China will adhere to its commitments and continue to support multilateral and bilateral cooperation within the framework of the SCO.

In face of the international financial crisis, China has adopted an active fiscal policy and a moderately loose currency policy, Hu said.

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China has also worked out a package of economic stimulus plans as part of efforts to further boost domestic demand and promote the economy's stable and relatively fast development, Hu said.

He said China has also made great efforts to tap the domestic market, especially the rural market, implement industrial adjustments and revitalize plans on a large scale, work hard to push forward with scientific innovation and technical revamping, and strengthen efforts to cut greenhouse gas emissions and reinforce environmental protection.

So far, the measures have achieved positive results, Hu said.

He said although the international financial crisis continues to rear its ugly head, the basic trend and the long-term promising outlook of the Chinese economy has not changed.

Keeping a stable and relatively fast development of the Chinese economy will have a positive influence on SCO members, the regional economy, as well as the world economy, he said.

Hu said China adheres to the path of peaceful development, and as always, China will pursue an independent foreign policy of peace and abide by a policy of friendship and partnership with neighboring countries.

He said China will join hands with other countries to face the challenges, share opportunities, and make greater contributions to regional and world peace and development.