2010-11-15 09:24

BEIJING -- Chinese Vice Premier Li Keqiang has urged more efforts be made to accelerate economic restructuring to achieve sustainable development amid concerns of global uncertainties.

"The global economy is still facing great uncertainties and has not shaken off the deep impact of the financial crisis", Li wrote in an article Xinhua received Sunday, calling for "deep understanding" of the proposal for national development during the 2011-2015 period.

The imbalance of the overall world economic recovery remains and trade protectionism is on the rise, Li said in the article while urging correct understanding of both domestic and internation situation.

Further, Li warned of the potential damage that will be caused by some governments' excessive debt, noting that some major economies continue their expansionary monetary policies and are pumping enormous liquidity into markets to boost their economic recovery, which may spur turbulence in the global financial market and push up commodity prices.

Additionally, the inflow of hot money will affect emerging economies, according to Li.

"The world economy is growing slowly and the structure of global demand is changing, which puts new pressure on China in its efforts to stabilize and expand exports and maintain a stable and relatively rapid economic growth," Li wrote.

Further, the next five years will be crucial for building a moderately prosperous society in an all-round way, Li said.

"The transformation of the economic development mode brooks no delay, and the key for the transformation is to achieve it at an accelerated speed and with practical effects," he said.

The Communist Party of China (CPC) Central Committee's Proposal on Formulating the 12th Five-Year Program (2011-2015) on National Economic and Social Development was issued on October 27 after it was adopted at the Fifth Plenary Session of the 17th CPC Central Committee, which ended October 18.