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Hu puts forward growth proposal at APEC summit

(Xinhua)
Updated: 2010-11-13 19:45

YOKOHAMA - Chinese President Hu Jintao put forward a five-point proposal on Saturday to promote sound and fast economic growth in the Asia-Pacific region.

Hu made the proposal at the 18th Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum, which opened here Saturday afternoon.

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First, Hu asked the APEC economies to "promote balanced growth to create conditions for long-term economic development," saying they should seek balanced growth both within a member economy and among all member economies.

"We should increase input to help developing members achieve their full potential and narrow the North-South gap," Hu said.

He called on APEC members to move toward a more rational division of labor, a more balanced financial and trade structure, more efficient allocation of resources and more equitable sharing of benefits.

Efforts by APEC members in this aspect "will contribute to balanced and coordinated global economic growth," he said.

Second, President Hu said the APEC members should "advocate inclusive growth to boost the internal dynamism of economic development."

He called on all members to focus on economic development, uphold social equity and justice and adhere to the people-first principle so that all countries, regions and groups could benefit from economic globalization and development.

He urged the members to follow the guideline of prioritizing human resources development, implementing development strategies conducive to full employment, improving the quality and competence of the labor force and speeding up the building of a sustainable social security network.

"The aim is to get people involved in development, protect their interests and enable them to benefit from development," Hu said.

Third, Hu called on the APEC members to "bolster sustainable growth to strive for long-term economic development."

"We should emphasize sustainable growth, which includes not only resource and environmental sustainability but also sustainability of fiscal, monetary, trade and industrial policies and the reduction of macroeconomic volatility and risks," Hu said.

"We should implement responsible macroeconomic policies and ensure medium- and long-term fiscal sustainability," he said.

Hu said the APEC economies should coordinate economic development, social development and environmental protection and move toward low-carbon growth.

"We should actively address the climate challenge, energetically develop the green economy and foster new sources of economic growth," Hu said.

He proposed that China hold the first APEC Forestry Ministerial Meeting to advance region-wide cooperation on forestry. He also called for closer cooperation on the APEC Low-Carbon Model Town Project to step up collaboration in conserving energy, reducing emissions and raising energy efficiency.