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Hu delivers key-note speech at APEC summit

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Chinese President Hu Jintao delivered a key-note speech on infrastructure for sustainable growth at the CEO summit of Asia-Pacific Economic Cooperation (APEC) on Saturday.

Reviewing the current world economy, Hu said it is recovering slowly, and there are still some destabilizing factors and uncertainties.

The underlying impact of the international financial crisis is far from over, and some countries are confronted with complex and difficult sovereign debt problems. Protectionism is on the rise and the world economy is facing increasing downward risks, the Chinese president said.

The Asia-Pacific has, on the whole, maintained sound momentum of growth and acquired a more important position and played a more prominent role in the world economy, the Chinese president said.

"However, we should not overlook the impact that the grave challenges in the global economy are having on our region, which we need to address with serious efforts."

Addressing the need to upgrade infrastructure in the context of promoting stable growth and recovery, Hu elaborated on China's views and stances on building infrastructure for sustainable growth.

The Chinese president also talked about China's current economic situation and economic policies during the speech.

China, Hu said, has focused on ensuring stable growth and price stability, adjusting economic structure, improving people's well-being, deepening reform and promoting harmony this year.

These efforts have ensured the stable performance of China's economy, with its GDP, in the first half of the year, growing by 7.8 percent year on year and retail sales increasing by 14.4 percent, he said.

Speaking of the challenges facing the Chinese economy, Hu said lack of balance, coordination and sustainability still weighed on the economic growth and notable downward pressure remained out there, especially for the Small and Medium Enterprises (SME) and exporters.

Amid these challenges, China would continue a proactive fiscal policy and a prudent monetary policy, ensure continuity and stability of macroeconomic policies, and make macroeconomic regulation more targeted, flexible and forward-looking, he added.

Hu, who is here for the APEC Economic Leaders' Meeting slated for Saturday and Sunday, will discuss with leaders of other APEC members trade and investment liberalization, regional economic integration, food security as well as cooperation in fostering innovative growth.

APEC, a premier economic forum in the Asia-Pacific region, was established in 1989. It has grown to encompass 21 members spanning four continents, and accounts for about 40 percent of the world's population, 57 percent of the global GDP and 48 percent of the world trade.

The APEC CEO summit, an annual forum for representatives of the Asia-Pacific business leaders, is part of a series of meetings organized for leaders and senior officials from all APEC economies.

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