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Hu attends APEC Economic Leaders Meeting

(Xinhua)
Updated: 2009-11-14 15:08

"We are ready to speed up the settlement of the remaining issues and work for early comprehensive and balanced outcomes in the negotiations at an early date in order to achieve the goals of the development round," Hu said.

The Chinese president also made a three-point proposal to APEC for improving its cooperation efficiency:

-- To continue to promote trade and investment liberalization and facilitation, focusing on its own characteristics:

"Through meeting the Bogor Goals on schedule next year by the APEC developed members, the APEC will demonstrate its determination to advance trade and investment liberalization, and oppose trade protectionism," Hu said.

Special coverage:
17th APEC Leaders' Week

Such a move is of great significance to increasing confidence, expanding regional trade and pushing forward regional economic integration, Hu added.

China supports APEC in "meeting the Bogor Goals on schedule by its developed members" as its priority working agenda, and to advance it steadily, Hu said.

-- To increase input and advance economic and technological cooperation for more fruitful results:

Hu announced that China will allocate $10 million to establish an APEC cooperation fund in China, to encourage and support relevant agencies and enterprises to participate in APEC economic and technological cooperation.

-- To reform and make innovations to inject new vitality to the APEC mechanism:

APEC should adapt itself to new situations, meet the challenges, and steadily advance its reform and structural construction, the Chinese president said.

Following the first-day session of the APEC Economic Leaders Meeting, the Chinese president, together with other leaders of the APEC member economies, met with representatives of the APEC Business Advisory Council.

They exchanged views on opposing protectionism, promoting investment facilitation, climate change negotiations and advancing regional economic integration.

The two-day Economic Leaders Meeting is the culmination of this year's annual APEC meetings, which also include the ministerial meeting, senior officials' meeting and a business summit.

According to Chinese officials accompanying Hu, the Chinese president was to elaborate on China's stance on the battle against the financial crisis and the global economic recovery, China's position on the challenges posed by climate change, food and energy security, and China's views on APEC's future development.

Since APEC's inception in 1989, APEC's total trade has grown 395 percent, significantly outpacing the rest of the world. During the same period, the GDP (in purchasing power parity terms) in the APEC region has tripled, while the GDP in the rest of the world has only less than doubled.

APEC's 21 member economies are Australia, Brunei, Canada, Chile, China, China's Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam.

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