On November 13, 2009, Chinese President Hu Jintao attended the 2009 APEC CEO Summit in Singapore and made an important speech. He pointed out that in order to promote the long-term development of world economy we should take various measures to actively push forward trade and investment liberalization and facilitation, regional economic integration, reform of international financial system and transfer of economic growth mode, effectively solve the in-depth structural problems of world economy, translate the crisis into opportunities and lay down a solid foundation for the complete recovery of world economy.

The CEO Summit this year was held in Suntec Convention and Exhibition Center. Accompanied by chairperson of the Summit Chong Siak Ching and APEC Business Advisory Council chairman Teng Theng Dar, President Hu entered into the conference hall at about 14:30. All the audience stood up and applauded warmly. After Hu took his seat at the podium, Chairman of Industrial and Commercial Bank of China Jiang Jianqing introduced him to the audience and invited him to deliver a keynote speech.

Amid enthusiastic applauses, Hu delivered an important speech entitled Consolidating Confidence in Cooperation to Rejuvenate World Economy. He noted that the world economy has shown positive signs of recovery. However, we should recognize that this international financial crisis tells us clearly the world economic development pattern is unsustainable and the international financial system faces serious defects. At present, the deep influence of the crisis still exists, the foundation of recovery of world economy remains weak, the inherent contradictions of international economic system have not been fundamentally resolved and the complete recovery of world economy still faces uncertain and unstable factors.

He then raised the following proposals on boosting the complete recovery of world economy.

First, make firm commitment to promoting trade and investment liberalization and facilitation. We should continue to advance trade and investment liberalization and facilitation and oppose protectionism in whatever form, especially those unreasonable trade and investment limitations against developing countries. We should try our best to resolve the remaining issues, bring a complete and balanced conclusion to the Doha Round negotiations and realize the Development Round goals as soon as possible on the basis of locking the progress achieved to-date and respecting the Doha mandate. Developed economies of APEC should adopt effective measures to ensure to achieve the Bogor Goals as scheduled next year and inject vigor into the sustained economic and trade growth in the region.

Second, make every effort to push forward regional economic integration. We should continue to explore various channels to accelerate the economic integration process of the Asia-Pacific region. In the principle of voluntarism, flexibility and pragmatism, we should promote the economic system reform with focus on regulatory reform, improve business environment and facilitate cross-border business operation. We should upgrade regional trade, communications and transport network, strengthen infrastructure construction and build the material foundation and institutional guarantee for regional economic integration.

Third, make continuous efforts to advance international financial system reform. We should make continuous efforts to promote the reform of international financial system towards a fair, just, inclusive and orderly direction in a comprehensive, balanced, progressive and effective manner and build a favorable system environment for the healthy development of world economy. We should continue to increase the representation and voice of developing countries in international financial institutions, implement as soon as possible the quantitative goals of reform established by the G20 Pittsburgh Summit and improve the decision-making procedure and mechanism of international financial institutions. We should move forward the reform of international financial regulatory system and improve the most fundamental regulatory principles and objectives. We should urge the international community to strengthen financial regulatory cooperation, expand the coverage of financial supervision and formulate widely accepted financial regulatory standards.

Fourth, think innovatively and speed up transfer of economic growth pattern. We should accelerate the technological innovation and industrial restructuring, stimulate the development of green economy and circular economy and strengthen the internal vigor of world economy through technological advancements. We should reinforce economic and technological cooperation, limit man-made barriers to technology transfer, narrow down the technological gap, especially the gap of green technologies between developing and developed members and avoid the emerging “green gap”. Developed member economies should help developing ones to have access to capital and technologies in order to change their economic growth mode and promote the balanced and orderly development of world economy.

He pointed out that the international financial crisis has brought about unprecedented difficulties and challenges to the development of the Chinese economy. After the outbreak of crisis, the Chinese government made timely adjustment of its macroeconomic policy, resolutely implemented the proactive fiscal policy and moderately loose monetary policy, launched the package plan and policy measures in response to the crisis and gave top priority to expanding domestic demand, especially consumption demand in order to cope with the crisis. Having shown positive results, those policy measures have not only maintained the stable and relatively fast growth of the Chinese economy but also built the momentum for its sustainable growth in the long run. China will continue to expand domestic demand, explore the domestic market aggressively, balance internal and external demands, accelerate the change of economic growth pattern, speed up industrial upgrading, enhance energy efficiency and cut emission and strike a balance between economic development and environmental protection; it will further improve people’s livelihood, speed up progress of such social undertakings as education, medical care, pension and housing and balance economic construction and social construction; it will further implement the regional development strategy to promote the balanced development among different regions.

He stressed that China’s development needs the world and vise versa. The more developed China is, the more opportunities and contributions China will bring and make to the world. The measures China has taken to address the international financial crisis have helped maintain the stable and relatively fast growth of its own economy. More importantly they will help alleviate the impact of the international financial crisis, promote the recovery of world economic and create opportunities for other developing countries, especially business opportunities to the business circles in the Asia-Pacific region. We welcome the active participation of the business circles of the Asia-Pacific region in the development process of China so that they will grow side by side with China’s economic development.

He finally said that we are able to build a promising future for the Asia-Pacific region with lasting peace and common prosperity so long as we make concerted efforts, deepen cooperation and push forward the progress of the Asia-Pacific regional family.

Following Hu’s speech, Deborah Henretta, Group President for Asia at Procter & Gamble made an address. Expressing thanks to President Hu for his important speech, she noted the fact that President Hu attends and delivers a keynote speech to the Summit at the critical moment of world economic recovery is a big encouragement to the business circles of Asia-Pacific region and makes them feel more confident. She extended great admiration on the active and effective policy measures adopted by China under the leadership of President Hu to cope with the international financial crisis and China’s important role of stimulating world economic recovery.

Hu’s wife Ms. Liu Yongqing as well as Ling Jihua, Wang Huning and Dai Bingguo were also present at the Summit.

APEC CEO Summit is an important forum held during the annual meeting of APEC. With the theme of “rebuilding world economy: crisis and opportunity”, the Summit this year mainly discussed how to address the international financial crisis, boost world economic recovery and strengthen business management. More than 1,000 audiences listened to President Hu’s speech.