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Hu calls for joint efforts to tackle financial crisis

(Xinhua)
Updated: 2009-04-01 07:59

Chinese President Hu Jintao has called for strengthened coordination among different nations on economic polices and joint efforts against trade and investment protectionism to help the world economy recover.

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The international community as a whole was severely challenged in the course of tackling the global financial crisis and resuming growth in the world economy, Hu told Xinhua on Tuesday ahead of the G20 summit scheduled to open in London on Thursday.

With the impact of the global financial crisis on the real economy unfolding and deepening, priorities should be taken by various countries to adopt economic stimulus measures in line with their own situations and work hand in hand to promote growth and employment and improve the people's lives, according to Hu.

Efforts should also be made as soon as possible to stabilize the global financial market and earnestly give play to the role of finance in spurring the real economy to restore confidence of the people and enterprises, Hu said.

"The international financial system should undergo necessary reforms in an allround, balanced, gradual and effective manner to prevent a similar crisis in the future," the president noted.

China as a responsible country would work with all the other parties attending the summit to help it yield "positive" and "practical" results, Hu said.

China pledged to give its own contribution to the recovery of world economy. The country would adhere to its fundamental national policy of opening up to the outside world and mutually beneficial and win-win strategies, Hu said.

A vigorous and more open China would not only benefit its own steady, fast growth, but help the international community fight the financial crisis and contribute to the world's peace and development, Hu said.

The country has set an 8 percent target for economic growth this year, still notably higher than the 1 percent world average estimated by the World Bank. China grew 9 percent in 2008, the slowest pace in seven years.

The global financial crisis and economic slowdown have created many difficulties for China, Hu said, citing the slump of exports and imports, slower industrial production and unemployment.

But a basket of governmental measures to stimulate domestic demand and promote economic growth have begun to take effect, he added.

Beginning in late 2008, the Chinese government has issued a comprehensive economic stimulus package including a 4 trillion yuan ($585 billion) investment plan and support plans for ten key industries.

The country's central bank has cut interest rates five times and lowered deposit reserve ratio four times in an effort to enhance capital fluidity.

"We have confidence, conditions and capabilities to keep a steady and rapid growth," Hu Jintao said.