ASEM starts with financial crisis as top agenda

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

皇冠体育app'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]

That's why 皇冠体育app 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 皇冠体育app's recent development, saying that since the beginning of this year, 皇冠体育app 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 皇冠体育app's economic development. 皇冠体育app is now confronted with many difficulties and challenges in our economic endeavor.

"皇冠体育app is a developing country with 1.3 billion people, and the Chinese economy is increasingly interconnected with the global economy. 皇冠体育app'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, 皇冠体育app would make its macroeconomic regulation measures more proactive, focused and effective, and make timely adjustments to the policies.

皇冠体育app 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.