Chinese Premier Wen Jiabao said yesterday in response to the global financial
crisis, China will focus on expanding domestic demand as an effective way to
stimulate economic growth.
Wen made the remarks when meeting with President Robert Zoellick of the World
Bank (WB). Wen briefed the WB President about China's economic situation and its
measures to address the global financial crisis.
Wen said China, with a 1.3-billion population, has yet to overcome the
disparity between urban and rural areas, relatively low per capita incomes and a
relatively large number of poverty-stricken people.
Wen said China's move to expand domestic demand is aimed to gradually meet
the people's demands through economic growth, which will be achieved by
stimulating the ultimate consumption market.
To meet this end, Wen said China will focus on improving incomes of rural
residents and social security for low-income groups. He said China will strive
to expand employment. It will also work on the development of such social causes
as education, medical service and culture. Wen said China will advance
development of infrastructure in rural areas, including drinking water, bio-gas,
roads, electricity and telecommunications. He said China will continue to
protect the environment, while working on the rehabilitation of
earthquake-stricken areas and poverty elimination.
Zoellick said the current financial global crisis calls for closer
cooperation among the international community. He said the World Bank will
continue to play a role in helping China overcome difficulties in financing and
employment.
Zoellick appreciated the Chinese government's measures to expand domestic
demand. He said sustaining its own economy will be China's biggest contribution
to maintaining financial stability and the economic growth of the world.
Zoellick also met with Chinese Vice Premier Li Keqiang Monday.
Li said during the meeting that the World Bank should play its due role as
the world's largest multilateral development financial institute to help
developing countries to fend off external impacts and maintain financial
stability and economic growth.
Li said China has been participating in international cooperation on
addressing the financial crisis. He said China will continue to act in a
responsible way by making its own contribution to maintaining the stability of
global finance and economy.
Li said the fundamentals and long-term trend of China's economic growth
remained unchanged despite the many difficulties and grim challenges it faces.
Zoellick spoke highly about China's performance in addressing the global
financial crisis. He expressed the willingness to further expand cooperation
between the World Bank and China.