Third, from a long-term perspective, it is necessary to change those models of economic growth that are not sustainable and address the underlying problems in our respective economies. We should also pay adequate attention to the impact of the financial crisis on the developing world and provide necessary support to relevant countries to help them maintain growth momentum.

In response to the financial crisis, China has made active efforts within its ability and taken a range of important measures, including ensuring stability of the domestic financial system, increasing liquidity in the financial markets and institutions and intensifying macroeconomic policy coordination and cooperation with other countries. We have, in light of the changing domestic and international economic situation, adjusted our macroeconomic policy and taken steps to lower the required reserve ratio, cut the deposit and lending rates, and ease the corporate tax burdens. Recently, the Chinese Government has adopted even stronger measures to boost domestic demand. Between the fourth quarter this year and the end of 2010, China will invest an additional four trillion yuan to accelerate projects related to people's livelihood, infrastructure, the eco-environment and post-disaster reconstruction. We will at the same time raise household income, especially that of low-income households, so that they can have greater consumption. These measures will give a strong impetus to China's economic development and contribute to world economic growth.

We are ready to work together with the rest of the international community to preserve stability of international financial markets. We will, together with other APEC members, increase experience sharing and strengthen capacity building in the financial field. We support the Asia-Pacific Finance and Development Center based in Shanghai in its continued effort to serve as a platform for capacity building and its effort to host more training and capacity building programs for all members.

Dear colleagues,

Opening up and cooperation for win-win progress should serve as not only the guiding principle in tackling the ongoing financial crisis, but also the basic approach in addressing the prominent issues in international economic and social development. In view of the agenda of this meeting, I wish to share with you my thoughts on how to address these issues.

First, build consensus and promote sound development of the multilateral trading regime. A fair and open multilateral trading regime is conducive to the steady growth of regional and global trade, to the sound growth of the world economy and to the benefits of all parties. We should have strong confidence in the multilateral trading regime and give strong support to the Doha Round negotiations. We should be steadfast in rejecting trade protectionism and work for the early resumption of the Doha Round negotiations and for comprehensive and balanced results. As an important supplement to the multilateral trading regime, we also support efforts to continuously advance the process of regional economic integration, including conducting research on the establishment of an Asia-Pacific free trade area as a long-term goal, while taking into full consideration the realities of the region and accommodating the concerns of all parties.

Second, take up responsibilities and jointly tackle climate change. All parties should, in keeping with the requirements of the United Nations Framework Convention on Climate Change and its Kyoto Protocol and the principle of "common but differentiated responsibilities", actively conduct negotiations for the implementation of the "Bali Roadmap" and take effective policy measures in light of their respective conditions to mitigate climate change. Forest protection is an important part of the cooperation in tackling climate change. Last year, I put forward the initiative to establish the Asia-Pacific Network for Sustainable Forest Management and Rehabilitation (APF Net). Thanks to the concerted efforts of all parties, APF Net has been officially launched in Beijing. In the coming years, the Chinese Government will offer special fund to support the operation of APF Net and we look forward to the active support and participation of all members.

Third, conduct exchanges and cooperation and join efforts to combat natural disasters. The frequent occurrence of natural disasters in recent years has caused heavy losses of life and property in the Asia-Pacific region. In the course of fighting natural disasters, APEC members have gained rich experience. Such experience is the common asset of all mankind. We should increase exchanges and learn from each other's experience. To respond to massive natural disasters requires the efforts of more than one country. It calls for the support and assistance of the international community. In order to increase exchanges and cooperation in disaster response in the Asia-Pacific region, China has put forward the APEC Principles on Disaster Response and Cooperation this year. It is also our hope that APEC members will consider carrying out long-term cooperation projects in post-disaster recovery and reconstruction so as to deepen APEC cooperation in disaster prevention and relief.

Fourth, enhance regulation and guidance and strengthen corporate social responsibility. An important lesson we have learned from the ongoing financial crisis is that while trying to maximize economic returns, enterprises should follow a prudent, well-thought-out and responsible approach in market operations. They should bear in mind the need to maintain overall economic stability and take serious measures to manage various risks, both real and potential. They should refrain from taking any action that may have a negative impact on economic development and people's livelihood. This is the social responsibility that all enterprises should fulfill, especially multinational corporations. Enterprises should be keenly aware of their global responsibilities, incorporate social responsibilities into their business strategies, comply with local laws and international business practices, improve business models and strike a balance between economic benefits and benefits to the society. Governments must strengthen guidance and oversight, and introduce and improve laws to create conditions for enterprises to fulfill social responsibilities on their own.