"This is a critical juncture and it is highly significant for political leaders, entrepreneurs, experts and scholars of various countries to gather together here and discuss how to 'Relaunch Growth' of the world economy," said Premier Wen Jiabao addressing the opening plenary of the 2009 Summer Davos.
Wen said that China has achieved initial results in tackling crisis, adding that in the first half of this year, China's GDP grew by 7.1 percent, investment expanded at a faster pace, and consumption maintained fast and steady growth, 6.66 million new urban jobs were created.
China has effectively managed fiscal and financial risks and kept budget deficit and government debt at around 3 percent and 20 percent of the GDP respectively. At the end of June, the NPL ratio of commercial banks was 1.8 percent, down by 0.64 percentage point from the beginning of the year, and capital adequacy ratio stood at 11.1 percent.
China's stimulus package means not only the 4 trillion RMB yuan investment, he noted. The achievements are the results of the proactive fiscal policy and moderately easy monetary policy and the stimulus package that the Chinese government and people have pursued in line with the national conditions.
Premier Wen pointed out that the stimulus package focuses on expanding domestic demand and is aimed at driving economic growth through both consumption and investment, aims to address both immediate problems and long-term needs, and achieve economic growth in the course of restructuring, seeks to coordinate the role of the government and the market and enable development and reform to advance in a mutually reinforcing way and is designed to both sustain economic growth and improve people's livelihood.
Wen called for economic restructuring in his speech. "To boost domestic demand is a long-term strategic policy for China's economic growth," he said. The policies should seek to bring a fundamental solution to the institutional and structural problems constraining the sound growth of China's economy, boost the internal dynamism of economic growth in an all-round way, and raise the overall quality of economic and social progress and the capacity for sustainable development.
"We will firmly implement the win-win strategy of opening-up and work hard to raise the level of the open economy," he said.
Facing the global financial crisis, the conomy must "rely more on science and technology." China takes it as a strategic priority to pursue balanced development between urban and rural areas and among various regions and promote urbanization. This "represents a great undertaking in the self-improvement of China's economy and society", according to Wen.
As to world harmony and prosperity, Wen urged the world to oppose trade and investment protectionism and to protect intellectual property rights (IPR). "Protectionism will only delay world economic recovery and ultimately hurt the interests of the businesses and people of all countries."
"I called for hope, as hope is the source of strength. At this critical juncture of countering the financial crisis, I called for perseverance, as perseverance will lead us to final victory," said Premier Wen Jiabao.
By People's Daly Online
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