InfoAnda - World economic situation 'grim,' says China's Hu

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: World economic situation 'grim,' says China's Hu AFP - Saturday, November 22 LIMA (AFP) - - Chinese President Hu Jintao Friday warned the outlook for the world economy was not looking good, but that continued strong growth in China could help serve as a global buffer. "The situation is very grim," Hu told world business leaders gathered in the Peruvian capital ahead of an Asia-Pacific economic summit. "The sound and steady growth of the (Asia-Pacific) economy is threatened by the grim world economic situation." Hu stressed that China's main contribution to world efforts to address the global financial crisis was to maintain steady economic growth at home. "The steady and relatively fast economic development in China is in itself a major contribution to upholding international financial stability and promoting world economic development," he said. China's growth, which soared by more than 11 percent last year, slowed to 9.0 percent in the third quarter this year, dragged down by economic slowdowns in key export markets such as the United States, Europe and Japan. China has put together a four trillion yuan (586 billion dollar) stimulus package to shore up the economy, which for years had shown no signs of letting up as the country turned into the world's manufacturing hub. China has repeatedly said it must focus resources on maintaining domestic growth amid rising expectations overseas that its 1.9 trillion dollars in foreign exchange reserves could be put to use fighting the world financial woes. However, Hu vowed China would step up its activity on the international financial scene. China "will play a more active role in international economic cooperation," he said, without offering details. He also repeated Chinese calls for the world to work together in reforming the global financial architecture. Hu said Thursday that the fundamentals of China's economy remained strong. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy World economic situation 'grim,' says China's HuAFP - Saturday, November 22 Bush bows out, China assertive at APEC summitAFP - Saturday, November 22 Job slashing heightens global recession fearsAFP - Saturday, November 22 European stocks drop as Dow erases early gainsAP - Saturday, November 22 Related Articles: Business Venezuelan oil falls to lowest price in 22 monthsAP - 37 minutes ago Wal-Mart names Duke to succeed Scott as CEOAP - 43 minutes ago Pressure on Citigroup builds, shares fall below $4AP - 54 minutes ago Wall St Week Ahead-Stocks eye Citigroup, Geithner's next movesReuters - 58 minutes ago Dow ends up nearly 500 on Geithner treasury reportAP - 54 minutes ago Enlarge Photo World economic situation 'grim,' says China's Hu Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges again as panic spreads Oil prices slump under $50 per barrel World stocks dive as panic spreads Is superfood omega-3 keeping its promise? New strain of deadly Ebola virus discovered View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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