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Hu calls for growth, balanced development

(Xinhua)
Updated: 2009-09-25 23:34

PITTSBURGH, United States, September 25 (Xinhua) -- Chinese President Hu Jintao called on world leaders on Friday to make every effort to promote global economic growth and a comprehensive, balanced and sustainable socioeconomic development.

The leaders of the G20 Summit gather around the meeting table for the first plenary session of the summit in the Pittsburgh Convention Center in Pittsburgh, Pennsylvania, September 25, 2009. [Agencies]

In a speech at the Group of 20 (G20) Financial Summit in Pittsburgh, Hu said the world economy has seen positive signs following the two previous G20 summits in Washington and London, held in November last year and this April respectively.

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

Hu warned that the foundation of an economic recovery is not yet solid, and that many uncertainties remain.

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

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

First, to stand firm in commitment to stimulating economic growth:

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

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

Second, to stand firm in commitment to advancing the reform of the international financial system:

"We should follow through on the timetable and the roadmap 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 commitment to promoting balanced growth of the global economy:

The global economic imbalances include gaps between savings and consumption, and imports and exports in some countries. But more importantly, it manifests itself in the imbalances in global wealth distribution, resource availability and consumption and the international monetary system.

"The root cause, however, 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 mainly relied on expanding domestic demand, in mitigating the impact of the international financial crisis, he said.

Hu said that China has taken an active role in international development cooperation, and has been actively engaged in international cooperation to tackle the crisis since it broke out.

He said China will follow through its assistance pledges and measures in a responsible manner, and offer more help to developing countries,particularly the least developed countries in Africa, within its capabilities.

"I am confident that with the concerted efforts of the entire international community, we will prevail over this international financial crisis and usher in a more prosperous future for the world economy," he said.

Leaders from the Group of 20 were gathering in Pittsburgh, Pennsylvania, on Thursday and Friday to discuss ways to promote a world economic recovery from the world economic and financial crisis.

The Pittsburgh summit is the third of its kind following the previous two gatherings in Washington and in London, in the aftermath of a severe financial crisis and economic downturn around the globe.