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Build up in an all-round way the internal dynamism of China's economic development
Speech by H.E. Wen Jiabao PREMIER OF THE STATE Council of the People's Repubuc of China
OVER the past year, the world economy has experienced the most severe challenge since the Great Depression. This unprecedented global financial crisis has taken a heavy toll on the Chinese economy. Yet. we have risen up to challenges and dealt with the difficulties with full confidence. And we have achieved initial results in our endeavor.
We have arrested the downturn in economic growth. In the first half of this year. China's GDP grew by 7.1 percent, investment expanded at a faster pace, and consumption maintained fast and steady growth. Domestic demand played a stronger role in
driving the economy forward. [Torn January to July, 6.66 million new urban jobs were created, income of urban and rural residents increased, and overall social stability was maintained. We effectively managed fiscal and financial risks and kept budget deficit and government debt at around 3 percent and 20 percent of the GDP respectively. Banks' asset quality and ability to fend off risks were improved. At the end of June, the NPL ratio of commercial banks was 1.8 percent, down by 0.64 percentage point from the beginning of the year, and capital adequacy ratio stood at 11.1 percent.
However, the international financial crisis has inflicted far-reaching impact on the world economy, and the world economy is undergoing profound changes and transition. The future and
destiny of all countries are more closely interconnected than at any time in history. We should be more forwardlooking and more broadminded. To promote world harmony and prosperity, I propose that we make concerted efforts in the followingareas:
First, tackle climate change. Climate change is a common challenge confronting the entire mankind. Each and every country, enterprise and individual should assume a due share of responsibility in meeting the challenge. China takes this issue very seriously. We have developed the national program on tackling climate change, increased resources for scientific research and taken aggressive steps to adjust the industrial structure with a view to saving energy and reducing pollutants. Through three years of hard work, our energy consumption per unit of GDP has dropped by 10%, and SO2 and COD emissions declined by 9% and 6.6%. Further steps are being
taken to cut greenhouse gas emissions. Stronger international cooperation is crucial for addressing climate change. It is important for us to conduct extensive dialogue and practical cooperation in line with the principles and provisions of the United Nations Framework Convention on Climate Change and its Kyoto Protocol. We should take into full account the basic national conditions, stage of development, historical responsibility and percapita emission of different countries in carrying out such cooperation and uphold the framework of sustainable development and the principle of "common but differentiated responsibilities". Developed countries should recognize their historical responsibility as well as their high per capita emissions, substantially cut greenhouse gas emissions, and extend financial, technological and capacity-building support to developing countries in their effort to tackle climate change. Developing
countries, on their part, should exert themselves and make positive contributions to the fight against climate change.
Second, oppose trade and investment protectionism. Protectionism will only delay world economic recovery and ultimately hurt the interests of the businesses and people of all countries. Will) the shadow of die global financial crisis still lingering, the international community must not waver in its resolve or slacken its efforts against protectionism. It is all the more inadmissible to say one thing while doing just the opposite. We must guard against and redress all forms of covert protectionist activities. As an active participant in economic globalization, China will never engage in trade or investment protectionism. We mean what we say and we honor our word with real action. For example, we sent several trade and investment promotion missions to Europe and (he United States in the raging times of the financial crisis to purchase
goods and boost investment cooperation. We have kept our commitment and we look forward to joint actions from all other countries.
Third, promote sustainable recovery of the world
economy. The impact of the crisis is as strong as ever and is unlikely to disappear anytime soon. A nascent economic recovery needs our care, just as a green shoot needs sunshine and
water. Countries should increase consensus, strengthen coordination of macro-economic policies, pursue responsible fiscal and monetary policies that fit their national conditions and maintain the consistency of the macro-economic policies. We should accelerate reform of the international financial system, intensify international cooperation on financial regulation, establish an effective early-warning and crisis management system, increase transparency of financial markets and raise
the capacity to fend off and respond to potential risks so as to bolster financial stability and sustainable economic growth.
Fourth, protect intellectual property rights (IPR). IPR protection is vital to driving innovation and development. To safeguard IPR is to safeguard the source strength of innovation. It is important for the international community to
jointly improve capacities for IPR creation, application, protection and management and build a balanced and effective IPR protection system on the basis of respecting the national conditions of all countries and accommodating the interests of all parties, especially those of developing countries,, and through dialogue and cooperation under the principle of equal-
ity and mutual benefit. China stands firm on IPR protection. We will continue to implement our national IPR strategy, take strong measures to foster a legal, market and cultural environment for IPR protection, see to it that all fruits of innovation be respected and rewarded and translate inventions and discoveries of all kinds into real forces of production.