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ASEM starts with financial crisis as top agenda

(Xinhua)
Updated: 2008-10-24 15:59

China's sound economic growth is in itself a major contribution to global financial stability and economic growth, Chinese President Hu Jintao said here on Friday, referring to the global financial crisis that has shocked the world financial markets.

The seventh Asia-Europe Meeting (ASEM) summit starts at the Great Hall of the People in Beijing Friday afternoon, Oct. 24, 2008. [Xinhua]

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That's why China must first and foremost run its own affairs well, Hu told leaders of 45 Asian and European nations and organizations at the opening ceremony of the Seventh Asia-Europe Meeting.

In his key-note speech, the president recalled China's recent development, saying that since the beginning of this year, China had taken robust measures to address the complex changes in the global economic environment and the grave challenges from nature.

"We have maintained relatively fast economic growth and steady development of the financial sector. The fundamentals of the Chinese economy have not changed," Hu said.

(L-R) Chinese Premier Wen Jiabao, Japan's Prime Minister Taro Aso and South Korea's President Lee Myung-bak attend a breakfast meeting for ASEAN+3 leaders in Beijing October 24, 2008.  [Agencies]

On the other hand, he added, however, the global financial crisis had noticeably increased the uncertainties and factors for instability in China's economic development. China is now confronted with many difficulties and challenges in our economic endeavor.

"China is a developing country with 1.3 billion people, and the Chinese economy is increasingly interconnected with the global economy. China's sound economic growth is in itself a major contribution to global financial stability and economic growth. That is why we must first and foremost run our own affairs well," Hu said.

He said, in the light of the changing domestic and international economic situation, China would make its macroeconomic regulation measures more proactive, focused and effective, and make timely adjustments to the policies.

China would vigorously expand domestic demand, especially consumer demand, maintain economic and financial stability and stability of the capital market, while continuing to promote sound and fast economic and social development, he said.