China expands domestic demand to counter financial crisis
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China had also intensified efforts to improve the social safety net and substantially raised social security benefits, Hu added.
Fourth, the scope of opening-up had been expanded to pursue mutually beneficial progress.
"While making efforts to stabilize exports, we are also upgrading and transforming the processing trade sector and improving our trade structure. We have been expanding imports, with a special focus on advanced technologies and equipment, key spare parts as well as important energy resources and raw materials," said the Chinese president.
"We are implementing the free trade area strategy at a faster pace and actively promoting regional economic integration. We want to share with other economies the benefits of expanded markets and deeper vision of labor," Hu added.
These policies and measures had produced good results. "They have enabled us to maintain the momentum of steady and relatively fast economic growth and set the stage for sustained growth of the economy," said the Chinese president.
"China cannot achieve development in isolation from the world, and the world needs China for development. A more developed China will bring more opportunities and make a greater contribution to the world," he told the business leaders.
The series of measures China has adopted to counter the international financial crisis was conducive to the steady and relatively fast growth of the Chinese economy and the international effort to alleviate the impact of the crisis and restore world economic growth, he said.
It had also provided more opportunities for other countries and the business community of the Asia-Pacific region, Hu added.
The Chinese president arrived in Singapore on Wednesday for a state visit and the 17th APEC Economic Leaders' Meeting.
The APEC CEO Summit, which opened on Friday, provided a platform for top CEOs in the Asia-Pacific region to hear from APEC leaders and international policy and business leaders on addressing the present financial crisis.
The theme of this year's APEC CEO Summit is "Rebuilding the Global Economy: Crisis and Opportunity," focusing on how to counter international financial crisis, revive the world economy and strengthen enterprise management.
