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Growth includes social security: China

Domestic demand is the driving force behind development

HANOI (VIETNAM): Domestic demand by 1.3 billion consumers is the driving force of China's economic growth, Chinese Finance Minister Jin Renqing told Xinhua on Friday.

The Chinese Government has taken a series of measures, including changing the modes of economic growth, adjusting economic structures, promoting social security and speeding up public service reforms, Mr. Jin said at the 13th Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting which concluded here on Friday.

Mobilising resources

China regards domestic demand as a basic factor for economic development, he said, adding that the country also depends on people's demand to mobilise resources for development.

China has paid attention to attracting foreign investment and bolstering multilateral financial and monetary exchanges, he said. Opening up and attracting foreign investment is China's long-term motto. China should attract more foreign investment as well as increase the efficiency of its usage to obtain managerial expertise and technologies, he said, adding it should also invite foreign investment to develop its labour-intensive industries.

On bilateral cooperation, Mr. Jin said financial exchange and interaction is the foundation for the development of financial collaboration. The interactive impact of macroeconomic policies of nations is increasing and, therefore, strengthening policy dialogues and boosting financial cooperation is important, he said.

The Chinese Government is eager to establish bilateral cooperation with others in the APEC region, to jointly contribute to the development of the global economy, Mr. Jin said.

At the two-day ministerial meeting, APEC Finance Ministers reaffirmed their commitments and put forth measures to ensure stable revenue sources and develop sound financial services sectors. Since its inception in 1989, the 21-member APEC, which gathers some of the world's largest economies, including China, the United States, Russia, Japan, Singapore and Vietnam, has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, create efficient economies. — Xinhua

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