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Special> NPC & CPPCC Sessions 2009> Video
UPDATED: February 26, 2009
Hu: Hardships and Opportunities Amid Global Financial Crisis
Hu said China must be prepared for the most difficult and complicated situations in the world economy and meanwhile make good use of or create development opportunities

Chinese President Hu Jintao has called for greater awareness of both hardships and opportunities presented by the global financial crisis in order to offset the impacts of the crisis.

In a speech to the Communist Party of China (CPC) Central Committee Political Bureau on Tuesday, Hu said China must be prepared for the most difficult and complicated situations in the world economy and meanwhile make good use of or create development opportunities amid the transformation of international and domestic conditions.

The world economic situation was austere and complicated; the global financial crisis had yet to level out; and China's economic growth was under pressure of a slow-down, he said.

He said no fundamental changes had occurred in the country's basic economic development situation, its advantageous conditions for economic development, its accelerating trend of industrialization and urbanization, and the external environment of peace, development and cooperation.

"The strong Party leadership, the advantages of the socialist system, and the united efforts of our people of all ethnic groups are the strength for us to overcome the difficulties and withstand the impacts of the global financial crisis," he said.

The government should maintain the policy of giving top priority to increasing domestic demand while stabilizing external demand, he said.

He called for more powerful and efficient measures to increase domestic demand, consumer demand in particular.

He urged to continue making the reform and opening-up a powerful driving force for economic growth, actively pushing forward reform in key areas and links.

Hu urged all Party committees and governments to deepen the implementation of the "scientific view of development" and "carry out the decisions and arrangements of the central authorities in a creative way".

Hu, General Secretary of the CPC Central Committee, presided over Tuesday's panel study of the Politburo, at which two scholars explained world economic situation and ways to boost economic growth.

The lecturers were Zhao Jinping, of the State Council's Development Research Center, and Bi Jiyao, of the Macro-economic Research Institute under the National Development and Reform and Commission.

(Xinhua News Agency February 24, 2009)

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