China will endeavor to maintain steady and fairly fast economic
growth and deepen the reform of the economic system, Chinese
Vice-Premier Zeng Peiyan said?in
Davos?Thursday.
"To prevent overheating of the economy and inflation is our top
priority for macro control this year. We will pursue a prudent
fiscal policy and tight monetary policy to ensure general balance
between demand and supply and make the economy better structured,"
said Zeng at a session of the five-day World Economic Forum (WEF)
Annual Meeting.
At the session of "special message and conversation" in his
honor, Zeng said China will work on transforming the model of
growth.
"In promoting economic growth, the focus of our efforts will be
shifted from relying mainly on investment and export to stimulating
consumption and steadily increasing the consumption rate; from
relying mainly on manufacturing industry to promoting the growth of
agriculture and services industries and increasing the share of the
service sector in economic output," he said.
Zeng said China will deepen economic structural reforms,
encourage sectors of different ownership to compete as equals and
develop together.
He also made it clear that China seeks promotion of sustainable
development.
China has launched a campaign of energy conservation and
emission reduction to meet the targets set for 2010 including a
10-percent reduction in the 2005 levels of (sulfur dioxide) SO2
emission and chemical oxygen demand (COD), he said.
"We are accelerating the pace to eliminate the backward
production styles of factories with high energy consumption and
pollutant emission, step up the construction of waster water and
sewage processing facilities and vigorously develop energy-saving
and land-saving housing, and fuel-efficient and environmentally
friendly automobiles," he added.
The air conditioning of buildings will be kept at an appropriate
level, and energy-saving bulbs will be used throughout the country,
he said.
In his speech, Zeng noted that the world today needs to address
many problems facing the growth of the world economy.
These problems include greater uncertainties for global economic
growth, the rising prices of primary products, resurfacing of trade
protectionism, and growing concerns over global climate change, he
said.
"The plummeting of stock markets throughout the world in the
past few days speak eloquently of how much the market is worried
about a possible slowdown or even recession of the US economy," he
said.
Financial risks spread faster than before, and one single
financial and economic event in a country could cause chain
reactions in other parts of the world, he said.
The sub-prime mortgage crisis which broke out in the United
States has hurt many transnational financial institutions and its
adverse impact on countries concerned has start to be felt, he
elaborated.
He expressed his concerns that the prices of primary products
are still rising and have raised production cost and consumer
spending and led to more inflationary pressure in the world.
Turning to trade protectionism, the Chinese vice-premier said
that some countries have raised non-tariff trade barriers and
imposed more restrictions on foreign investment.
Such practices hurt the interests of exporters, producers,
investors, importers and consumers alike and will ultimately harm
the common interests of all countries, he said.
He promised that China is ready to work with the international
community to address these risks and meet the challenges and
contribute to economic stability and sustainable development in the
world.
He noted that since joining the World Trade Organization, China
has honored its commitments.
China's average tariff level has dropped from 15.3 percent of
the pre-accession years to the current 9.8 percent, and China has
abolished non-tariff measures, he said.
"We will continue to promote trade and investment liberalization
and facilitation," he said.
While stressing that peace, development and cooperation
represent the irresistible trend of the times, Zeng said China will
pursue win-win cooperation with foreign nations and accommodate the
legitimate concerns of other countries, especially the developing
ones.
"We will work with all countries, international organizations
and people from all walks of life to harness the power of
collaborative innovation, pursue win-win cooperation, seize the
opportunities together and share the benefits of development, meet
challenges and work hard for global prosperity and progress," said
the Chinese official.
The five-day WEF annual meeting started in Davos on Wednesday
under the principal theme of "the Power of Collaborative
Innovation."
The event drew the world's political and business elite,
including 27 heads of state or government, and more than 110
government ministers.
(Xinhua News Agency January 25, 2008)
