AUSTRALIA: Chinese President Hu Jintao pledges to work towards a more open economy
Record ID:
559636
AUSTRALIA: Chinese President Hu Jintao pledges to work towards a more open economy
- Title: AUSTRALIA: Chinese President Hu Jintao pledges to work towards a more open economy
- Date: 6th September 2007
- Summary: (BN06) SYDNEY, AUSTRALIA (SEPTEMBER 6, 2007) (REUTERS) VARIOUS OF FALUN GONG PROTESTERS VARIOUS OF PROTESTERS MARCHING WIDE OF PROTESTS
- Embargoed: 21st September 2007 13:00
- Keywords:
- Location: Australia
- Country: Australia
- Topics: International Relations,Economic News
- Reuters ID: LVACOC4SRHNQW7AMN1K4QPTW4ENX
- Story Text: Pressing institutional and structural problems are constraining China's economic development and "arduous efforts" are needed to maintain good growth, Chinese President Hu Jintao said on Thursday (September 6).
Beijing would also take steps to better balance China's foreign trade, he told business leaders at the Asia Pacific Economic Cooperation (APEC) meeting in Sydney.
China's economy has maintained exceptional momentum, growing by 10 percent or more per year since 2003.
Addressing a Business Summit at APEC, Australian Prime Minister John Howard introduced Hu, saying that China's booming economic growth was good not only for Australia, but for the world.
"China's growth which has been probably the most important international development in economic affairs in years, if not in a century.
China's growth is not only good for China and for the Chinese people, but China's growth is undeniably good for the world, it's been very good for Australia, it's been very good for other nations," Howard said.
China's trade surplus last year hit a record $177.5 billion. In the first seven months of 2007 it rose 81 percent from the same period in 2006 to $136.8 billion.
"Time has proven that China's economic growth is expanding healthily. It has benefited China's 1.3 billion population, it has also benefited world trade, boosting global economic growth. At the same time, it is clear that China remains the world's largest growing economy," Hu told a Business Summit at APEC.
But some economists say government efforts to rein in sectors in danger of overheating have produced only modest results.
Hu assured the conference that China was doing everything in its power to open up its economy and co-operate with the international community to ensure prosperity.
"From here on, China will continue to maintain an open economic strategy. And continue building a fair, open and equitable multi-sided economy. Seeking expansion while opening the market, co-operating with the international community for common prosperity," Hu said.
Regional growth is highly uneven, a dangerously wide wealth gap is expanding and the environmental toll of China's economic boom is worsening.
But Hu said that his government was doing all it could to narrow the gap.
"China's population is large and there are imbalances in China's growth. Living standards for Chinese are still not up to scratch. There are still some pressing institutional and structural problems which constrain China's economic development and need to be addressed, especially in areas of trade imbalances and growing energy needs. In order to ensure China's continued stable rapid growth, there still some tough measures to take,"
he said.
But as Hu attempted to put the minds of business leaders at rest, outside on the streets of Sydney religious group Falun Gong staged a protest against China's human rights record that attracted up to 2,000 people in Hyde Park.
The protest is one of many expected over the coming days, prompting Australia to launch its biggest ever security operation in Sydney to welcome the 21 leaders attending this week's APEC meetings. Newspapers have dubbed the city of more than 4 million people "Fortress Sydney". - Copyright Holder: REUTERS
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