http://www.bloomberg.com/apps/news?pid=20601087&sid=at5fHW4Wz5M0&refer=home
Nov. 15 (Bloomberg) -- Chinese President Hu Jintao, speaking to leaders from the Group of 20 nations in Washington, said China can help alleviate the impact of the financial crisis and slowing global growth by stoking its own economy. ``Steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth,'' Hu said today, according to the official Xinhua News Agency. The nation ``has taken an active part in the international cooperation to deal with the financial crisis.'' Last week China announced a $586 billion economic stimulus, focused on building low-rent housing, roads, railways and airports. The package also allows tax deductions for fixed assets such as machinery to stimulate investment. Farmers will also benefit from more subsidies. ``What China's doing is really important, and really necessary,'' U.S. Treasury Secretary Hank Paulson said yesterday in an interview on CNBC television. China accounted for 27 percent of global economic growth last year under purchasing power parity calculations, more than any other nation, according to the International Monetary Fund. April. Purchasing power parity accounts for differences in the exchange rates of national currencies. Premier Wen Jiabao's stimulus announcement came amid signs that growth in the world's fourth-largest economy is slowing. Gross domestic product grew by 9 percent in the third quarter from a year earlier, the least in five years, while industrial output last month expanded at the slowest pace in seven years. Financial Reforms The Chinese president added his voice to calls from Russian President Dmitry Medvedev and Indian Prime Minister Manmohan Singh for changes to the international financial system. Reform ``should aim at establishing a new international financial order that is fair, just, inclusive and orderly and fostering an institutional environment conducive to sound global economic development,'' Hu said, according to Xinhua. As head of the world's second-biggest exporting nation, Hu also urged countries not to raise trade barriers to protect their economies. ``The international community should prevent all kinds of trade and investment protectionism and promote the Doha round of trade talks to achieve positive progress,'' Xinhua quoted Hu as saying. He urged industrialized nations to play their part in tackling the global financial crisis, which triggered an equities rout that's halved the market value of worldwide stocks to about $30 trillion so far this year. China benchmark CSI 300 Index of shares has dropped 64 percent and Hong Kong's Hang Seng Index has slumped 51 percent. Developed nations ``should undertake their due responsibilities and obligations'' by stabilizing their economies, restoring growth and taking ``active steps to stabilize their own and the international financial markets and safeguard investors' interests,'' Xinhua reported Hu as saying. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to world-thread@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
