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President Hu Calls for Sustainable Development of World Economy

Chinese President Hu Jintao urged Friday all visionary political leaders and responsible business leaders should work together to achieve a sustainable development of the world economy.

He made the call in a speech at the Asia-Pacific Economic Cooperation CEO Summit which opened in the Chilean capital on Friday.

"A sustainable development of the world economy is a major issue of immediate and far-reaching significance. It bears on the current development of the countries and the future of entire mankind," the Chinese president told the Asia-Pacific Rim business leaders.

Some important features and trends in world economic development merit our close attention, Hu noted, citing as follows:

-- Rapid progress in science and technology, which substantially increases man's ability to understand and grasp the world at both the macro and micro levels and gives him a powerful support to boost production and improve well-being;

-- Quickened tempo in the optimization and reorganization of the factors of production and the industrial transfers in the global context, which results in closer economic connections among countries and more favorable conditions for their mutually beneficial cooperation;

-- At the same time, owing to historical and immediate causes, unevenness in worldwide development has become increasingly salient, with the heavily indebted developing countries facing a worsened external environment and the gap between the South and the North further widening;

-- New trade barriers and protectionism are on the increase, and the world's multilateral trading regime is experiencing difficulties;

-- The consumption of energy and other natural resources has increased substantially, resulting in ecological imbalances and environmental degradation;

-- Factors of uncertainty and instability, such as local conflicts and terrorism, pose increasing threat to world peace and development.

"Mankind is faced with both grave challenges and rare opportunities for development. Given the circumstances, the only right option for us to take is cooperation geared to a win-win result, and the only goal for us to endeavor towards is sustainable development," said the Chinese president.

Hu arrived in Santiago Thursday for a state visit to Chile and attending the 12th APEC Economic Leaders Meeting scheduled on Nov.20-21. He is on a four-nation Latin America visit which has taken him to Brazil and Argentina. He will also visit Cuba.

The three-day APEC Chief Executive Officers Summit, which opened Friday, will explore the theme of "Succeeding in a Global World: New Challenges for Business", along with distinguished panelists, economists, academics and opinion leaders of the Asia-Pacific region.

(Xinhua News Agency November 20, 2004)

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