Hu presents 4-point proposal for world economy

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 11月12日,国家主席胡锦涛在韩国首尔出席二十国集团领导人第五次峰会并发表重要讲话。新华社记者 兰红光 摄

Chinese President Hu Jintao attends the inauguration of the Group of 20 (G20) Summit in Seoul, capital of South Korea, Nov. 12, 2010. [Xinhua]

Chinese President Hu Jintao on Friday put forward a four-point proposal for realizing strong, sustainable and balanced growth of the world economy at the Group of 20 (G20) summit in Seoul.

"Thanks to the concerted efforts of the G20 and the entire international community, the world economy is slowly recovering," Hu said in a speech entitled "Build on Achievements and Promote development."

"However, total demand remains insufficient in the absence of new sources of growth. Countries differ in policy objectives, making macroeconomic policy coordination even more difficult and global recovery even more fragile and uneven," he said.

The situation is a manifestation that the deep-seated impact of the international financial crisis is still reverberating, he added.

"We must adopt an attitude responsible to history and the future, bear in mind the common interests of mankind, build on what we have already achieved and continue to work in concert for strong, sustainable and balanced growth of the world economy."

Hu presented a four-point proposal to that end.

First, the world community should improve the Framework for Strong, Sustainable and Balanced Growth and promote cooperative development, Hu said.

"Strong, sustainable and balanced economic growth is of great significance to the whole world." "We should stick to the country-led principle, take into full account the different national circumstances and development stages of various members, and appreciate and respect each country's independent choice of development path and policies."

The assessment criteria should be further improved, he said.

"Since strong growth, sustainable growth and balanced growth are equally important, we must give them equal attention and push forward growth in a comprehensive way in the formulation and implementation of assessment criteria," he said.

"We need to improve the framework so that the framework can shift its focus from emergency response to long-term governance and contribute to more effective medium- to long-term global policy coordination," Hu said.

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