China’s economic stability, development contributes to global recovery

Chinese President Hu Jintao has said that China, as a major economy and the world’s largest developing country, is making an important contribution to the recovery of the world economy through it own economic stability and development.

Hu made the remarks in an interview with Republic of Korea (ROK) media organizations ahead of the fifth G20 Summit scheduled for Nov. 11 and 12 in Seoul.

President Hu Jintao

Faced with the challenge of the international financial crisis in 2008, China launched a stimulus package to boost economic growth, Hu noted, adding that the country enhanced its macro-economic regulation and accelerated the transformation of its economic growth pattern this year.

Meanwhile, Hu said, China has also actively participated in the international cooperation to tackle the financial crisis.

At the first G20 summit held in Washington November 2008, China called for the reform of the international financial system in a comprehensive, balanced, gradual and results-oriented way.

These proposals were applauded by the international community, he said.

China has worked with all parties to promote the G20 to become a major platform for coping with the financial crisis and promoting international economic cooperation, and seek progress in the reform of the international financial organizations, he said.

On the currency issue, Hu said China has kept the exchange rate of its currency, the renminbi or yuan, stable while gradually advancing the reform of the exchange rate formation mechanism, he said.

China pledged 50 billion U.S. dollars to the IMF after the G20 London Summit in 2009. It has also supported other countries through currency swaps and credit, debt and tariff relief.

“The facts show that China has made an important contribution to the world’s economic recovery,” Hu said.

As the global economic recovery is still fragile and unbalanced, all countries should effectively shoulder their responsibilities, courageously face up to their own problems, adhere to international cooperation and properly deal with differences, Hu said.

“China will do its best to manage its own economy and never blame others for its own problems,” Hu said.

China will work with G20 members to achieve a successful Seoul summit and robust, sustainable and balanced world economic growth, Hu said.

 

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