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Hu outlines China's future development

(Xinhua)
Updated: 2008-11-22 14:03

Chinese President Hu Jintao on Friday gave a brief outline of the country's future development to the business community of the Asia-Pacific Economic Cooperation (APEC).

Addressing the APEC Chief Executive Officers (CEO) Summit, Hu said China will continue to follow the Scientific Outlook on Development by putting people first and making development comprehensive, balanced and sustainable.

"We will unswervingly pursue reform, improve the socialist market economy and build systems and institutions that are dynamic, efficient, more open and conducive to scientific development," Hu said.

China will follow a new path of industrialization with Chinese characteristics and transform the mode of economic growth, he said.

Instead of relying heavily on higher consumption of resources, China will achieve development by making scientific and technological progress, improving the quality of the workforce and developing innovative  management, he added.

Since the beginning of this year, China has taken robust measures to address the complex changes in the international economic environment and the severe challenges of major natural disasters.

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

Sound growth of the Chinese economy is in itself an important contribution to maintaining global financial market stability and promoting world economic development, he emphasized.

"To boost economic development, the Chinese government has lowered the required reserve ratio, cut the deposit and lending rates and eased the corporate tax burdens," Hu said.

China has recently adopted even stronger measures to generate greater domestic demand, he said.

Hu said the central government has decided to invest an additional 100 billion yuan ($14.63 billion) this year in projects related to people's livelihood, infrastructure, the eco-environment and post-disaster reconstruction.

This is expected to generate a total of 400 billion yuan of investment nationwide, he pointed out, adding between the fourth quarter this year and the end of 2010, investment in these projects alone will reach nearly four trillion yuan.

Implementation of these measures will give a strong impetus to China's economic development and contribute to world economic growth, Hu said.

Hu arrived here on Wednesday for a state visit to Peru and the Economic Leaders' Informal Meeting of APEC scheduled for November 22-23.