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Hu makes proposals on fighting crisis

(Xinhua)
Updated: 2008-11-23 08:47

First, to curb the worsening financial crisis, all countries should take prompt and effective measures, enhance macroeconomic policy coordination, improve information sharing, help each other as much as possible, and employ all necessary fiscal and monetary means to stop the spread and development of the financial crisis, bring stability to global financial markets, stimulate economic growth, minimize the damage of the financial crisis on the real economy and avoid a global economic recession.

Second, the international community should earnestly draw lessons from the ongoing financial crisis and, based on full consultations among all stakeholders, undertake necessary reform of the international financial system in a comprehensive, balanced, incremental and result-oriented way, with a view to establishing a new international financial order that is fair, just, inclusive and orderly and fostering an institutional environment conducive to sound global economic development.

"The reform of the international financial system should both reflect the general law and principles of financial regulation and take into account the specific development stage and unique features of different economies," he said.

It should seek a balance among the interests of all parties and reflects, in particular, the interests of emerging markets and developing countries, he added.

Third, from a long-term perspective, it is necessary to change those models of economic growth that are not sustainable and to address the underlying problems in member economies.

"We should also pay adequate attention to the impact of the financial crisis on the developing world and provide necessary support to relevant countries to help them maintain growth momentum," he pointed out.

APEC's Further Development

On APEC's development, President Hu said China is ready to work with other APEC members to promote its further development.

Since its launch almost 20 years ago, APEC has done a great deal in promoting trade and investment liberalization and facilitation and economic and technical cooperation, thus making positive contribution to regional economic integration and the building of an Asia-Pacific family, President Hu said.

The host of major reform measures adopted within the APEC framework in recent years have improved APEC's organizing and coordinating capabilities and significantly enhanced the dynamism and efficiency of APEC cooperation, Hu said.

To promote the further development of APEC, "we should maintain the nature of APEC as a forum for economic cooperation and its approach of conducting cooperation on a non-binding basis, as this best suits the diversity prevailing in the Asia-Pacific," the Chinese president said.

He said that the APEC members should continue to promote balanced progress in economic and technical cooperation and trade and investment liberalization.

"In particular, we should increase input in economic and technical cooperation to enhance capacity-building in developing members and narrow the development gap."

Hu arrived here on Wednesday for a state visit to Peru and the Economic Leaders' Informal Meeting of the Asia-Pacific Economic Cooperation (APEC).

The APEC economic leaders' meeting opened in Lima on Saturday to discuss such issues as the ongoing global financial crisis, the Doha Round trade talks and food security.

The two-day meeting would also discuss the APEC regional economic integration, corporate social responsibility, human security, APEC institutional reform, trade and investment, structural reform, anti-corruption and transparency, economic and technical cooperation, and climate change.

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