China presents three-point strategy to resolve market crisis

November 23rd, 2008 - 3:06 pm ICT by IANS  

Lima, Nov 23 (Xinhua) China has put forward a three-point action plan of macroeconomic policy coordination, reform of financial institutions and sustainable growth as a long term strategy to tackle the global financial crisis.”The rapidly spreading international financial crisis, with its extensive impact, constitutes the most severe challenge confronting world economic growth,” President Hu Jintao told the 16th summit meeting of Asia-Pacific Economic Cooperation (Apec) which started here late Saturday.

It is urgent for all countries and regions to deal effectively with financial risks, maintain international financial stability and promote world economic development, the Chinese leader told the delegates gathering here to take stock of the current global financial crisis and to explore ways to overcome it.

While enunciating his three-point strategy, Hu said all countries should take prompt and effective measures to curb the sliding market enhance macroeconomic policy coordination, improve information sharing, help each other as much as possible, and employ all necessary fiscal and monetary means to stop the spread of the financial crisis.

Hu called for reform of the international financial system in a comprehensive, balanced, incremental and result-oriented way with a view to establishing a new inclusive international financial order.

“The reform of the international financial system should both reflect the general law and principles of financial regulation and take into account the specific development stage and unique features of different economies,” he said.

From a long-term perspective, it is necessary to change those models of economic growth that are not sustainable and to address the underlying problems in member economies, Hu said.

“We should also pay adequate attention to the impact of the financial crisis on the developing world and provide necessary support to relevant countries to help them maintain growth momentum,” he pointed out.

The president also briefed the meeting on the measures China has taken to tackle the financial crisis.

“We are ready to work together with the rest of the international community to preserve stability of international financial markets,” Hu said.

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