China to play constructive role in global economy

(Xinhua)
Updated: 2008-11-16 08:46

WASHINGTON - China will deepen reform and open wider to the outside world, deliver steady and relatively fast economic growth, and play a constructive role in ensuring global economic stability, Chinese President Hu Jintao said on Saturday.

Chinese President Hu Jintao (R) attends the G20 Summit on Financial Markets and the World Economy in Washington, US, Nov. 15, 2008.[Xinhua]

Responding to natural disasters and the global financial crisis, China has made timely adjustment to its policies and strengthened macroeconomic regulation, Hu said while addressing a summit of the Group of Twenty (G20) on financial markets and the world economy.

"Steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth," he noted.

"The Chinese government has adopted measures to boost economic development, including lowering the required reserve ratio, cutting the deposit and lending rates, and easing the corporate tax burdens," Hu told the participants.

Meanwhile, as a responsible member of the international community, "China has taken an active part in the international cooperation to deal with the financial crisis and played a positive role in maintaining international financial stability and promoting the development of the world economy," said the president.

"Stability of the international financial markets and sustained development of the global economy are crucial to the wellbeing of all countries and people," Hu noted.

"Let us tide over the difficulties through concerted efforts and contribute our share to maintaining international financial stability and promoting global economic growth," he concluded.

US President George W. Bush (standing, C) addresses leaders gathered in the State Dining Room before the G20 Summit on Financial Markets and the World Economy in Washington November 14, 2008. [Agencies]

Invited by US President George W. Bush, President Hu arrived here Friday for the G20 summit, the first in a series of events to mitigate what economists predict could be a long and deep downturn.

The members of the G20 include Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union.

Also attending the G20 summit are the managing director of the International Monetary Fund (IMF), the president of the World Bank, the secretary-general of the United Nations and the chairman of the Financial Stability Forum.