Hu Jintao: China makes more contributions to the growth of the global economy

China makes more contributions to the growth of the global economy, said Chinese President Hu Jintao before attending the leaders summit of G20 held on Wednesday and Thursday in Cannes in southern France.

Hu said in his speech that China is a large market for other countries and it has strengthened the momentum of the global economy in its recovery.

Faced with the global economic crisis, China has increased its contributions to international financial institutions and provided aid to other developing countries, he said.

China has also bought more bonds from developed countries and played a role in assisting their economic and social development in those countries. China also contributed to the stabilization of the economic and financial situation, he added.

This year marks the 10th anniversary of the accession of China into the World Trade Organization (WTO), he said, noting that over the past ten years, the average tariff in China fell from 15.3% to 9.8%, below the WTO requirement to developing countries.

Hu said during this period, imports from China amounted to 8.5 trillion, creating a huge market for other countries, and could exceed 8 trillion dollars in the next five years.

The economic and social situation in China is generally good, he said, saying that in the first three quarters of the year, the GDP grew 9.4% year-on-year and per capita income has rapidly increased both in cities and rural areas.

At the same time, China faces a series of challenges in its efforts to maintain a stable and fast growth, Hu said.

Some institutional and structural problems that have built up over the years remain unresolved, and there are some negative factors affecting the sound performance of China’s economy, he said.

Prices are at a fairly high level, some small and medium enterprises facing difficulties, and more efforts are needed to save energy and reduce greenhouse gases emission, Hu said.

He said China will continue to develop scientifically and to redouble their efforts in changing the growth model.

Hu expressed confidence that the Chinese economy has bright prospects.

“A stable and fast growth of China’s economy will contribute to the growth of the global economy,” he noted.