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Hu makes four-point proposal on promoting balanced, orderly economic growth

(Xinhua)
Updated: 2009-11-15 12:53

SINGAPORE - Chinese President Hu Jintao on Sunday made a four-point proposal on promoting balanced and orderly economic growth in the Asia-Pacific region.

When addressing the 17th Economic Leaders Meeting of the Asia-Pacific Economic Cooperation(APEC), the Chinese president said, "We should all the more get united, follow the principle of openness, cooperation and mutual benefit, strengthen coordination and work together to secure the momentum of world economic recovery and promote balanced and orderly economic growth."

"We should speed up the transformation of economic development patterns, take effective steps to address the fundamental and structural problems in economic development and lay a solid foundation for sound and fast economic growth," he added.

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Hu urged to make efforts in the following four areas:

First, make unremitting efforts to fully restore world economic growth.

All economies should maintain the continuity and stability of their macroeconomic policies and take more solid and effective steps to boost consumption and expand domestic demand.

"We should firmly uphold a fair, free and open global trading and investment system and maintain the free flow of goods, investment and services. This is essential for the full recovery and long-term development of the world economy," he said.

Second, take a long-term perspective and promote sustainable growth.

"While restoring economic growth, we should optimize the energy mix, upgrade industries, develop green economy, and foster new growth areas, thus creating conditions for sustainable economic growth," Hu said.

Developed members should provide financial, technological and capacity-building support to developing members and enable them to get access to climate friendly technologies in order for such technologies to better serve the common interests of mankind.

Developing members should, in the light of the actual circumstances, explore a path of sustainable growth suited to their own conditions and development stages, he said.

Third, follow a holistic approach and advocate inclusive growth.

"While tackling the financial crisis, we should improve the industrial structure, raise the quality of economic growth, increase overall employment and enhance the capacity of fending off crises and risks," Hu said.

"We should strengthen the social safety net and focus on resolving issues concerning people's well-being, including education, health care, old age support and housing, in order to achieve the goal of development for the people and by the people and development benefits shared among the people," he went on to say.

And fourth, engage in comprehensive coordination and pursue balanced growth.

"The root cause of world economic imbalance is the yawning development gap between the North and the South. Developing members can become an important force in propelling the full recovery and long-term growth of the world economy," Hu said.

He urged international financial institutions to help developing members maintain financial stability, promote economic growth and enhance their resilience and the capacity of economic repair in the wake of a crisis.

"Only by accommodating the interests and needs of both developed and developing members and by achieving balanced and coordinated economic growth of both sides can we truly have balanced and orderly development of the world economy."

The Chinese president arrived in Singapore Wednesday for a state visit and to attend the APEC economic leaders meeting held here on Saturday and Sunday.