In its pursuit of economic development, China has all along worked hard to promote strong economic growth. Between 1978 and 2008, the Chinese economy grew at an average annual rate of 9.8 percent. Since the outbreak of the international financial crisis, China has comprehensively implemented and continuously enriched and improved its package plan and other policy measures in response. As a result, the Chinese economy grew by 8.7 percent in 2009 and contributed its part to regional and global economic recovery. Since the start of 2010, the Chinese economy has maintained steady and relatively fast growth. In the first quarter, the economy grew by 11.9 percent. China has always valued sustainable growth, as evidenced by its efforts to keep budget deficit under 3 percent of GDP. Since the beginning of this year, as we work to maintain the consistency and stability of our macroeconomic policies, we have also stressed the need to make our policies more responsive and flexible in the light of evolving circumstances, strike the right balance between ensuring steady and relatively fast economic growth, restructuring the economy and managing inflation expectations, and put in greater efforts to make economic growth more sustainable. China has always attached great importance to balanced growth. In countering the international financial crisis, the various policies China has adopted to boost domestic demand have shown notable results. In 2009, while China's total exports in goods dropped by 16 percent, its retail sales were up by nearly 17 percent in real terms, fixed asset investment increased by about 30 percent, and current account surplus relative to GDP fell to 6.1 percent. Since the start of this year, China's trade surplus has continued to drop by a big margin. The trend towards current account balance has picked up speed. And balanced economic development has gathered even stronger momentum.

We are soberly aware of the difficulties and challenges that China faces, including a large population, a weak economic foundation, lack of balance in the development between urban and rural areas and among different regions, and serious environmental and resource constraints. Each year, 24 million urban residents enter the job market and a huge number of surplus rural workers need to find non-agricultural jobs. And a considerable number of people are yet to be lifted out of poverty. To address these difficulties and challenges, we have been following a scientific outlook on development that puts people first and seeks comprehensive, balanced and sustainable development. A key objective and strategic move in our endeavor to implement this scientific outlook is to accelerate the transformation of economic development pattern. We are focusing our efforts on readjusting at a faster pace national income distribution pattern, urban-rural development structure, regional development structure and industrial structure. We are speeding up efforts to encourage scientific and technological innovation, and expediting the development of modern agriculture, conservation culture, cultural industries and the social security system. Our goal is to promote balanced economic and social progress. These adjustments and transformations will not only contribute to the comprehensive, balanced and sustainable growth of the Chinese economy, but also benefit the world economy. To transform the pattern of economic growth is a long-term and complex process that requires tremendous efforts. China stands ready to work with other parties to draw on each others' strength, pursue cooperation on the basis of equality and common development, and bring about a more rational division of international labor, a more balanced financial and trade structure, a more scientific pattern for resource allocation and a more equitable system for interest sharing so as to put the world economy on the track of sustained and balanced growth.

Dear Colleagues,

To achieve genuine long-term and sustainable growth of the world economy, it is imperative to help developing countries achieve full development and narrow the development gap between the North and the South. Developing countries have been hit hard by the financial crisis and they find it a daunting task to overcome the difficulties caused by the crisis. The G20 is primarily composed of developed countries, emerging markets and developing nations with a relatively higher level of industrialization. The combined GDP of G20 members accounts for 85 percent of the world's total. However, we should not neglect the development aspirations of other developing countries, which take up over 85 percent of countries in the world. It is incumbent upon the G20 to provide stronger political drive, greater economic resources and better institutional guarantee for development.

The international financial crisis has made it more difficult to attain the UN Millennium Development Goals (MDGs). It will be an uphill battle to achieve the set objectives by 2015. We must take more credible actions to address the issue of development. We must secure development resources, improve development institutions and promote development cooperation to ensure that the UN MDGs will be met on schedule. Developed countries should honor in good faith their commitments on official development assistance, market opening, and debt reduction and cancellation. They should scale up financial and technological support for developing countries and help them build stronger capacity for self development. The World Bank, the IMF and other international financial institutions should use their resources to help, on a priority basis, developing countries, the least developed countries in particular.

Since the outbreak of the international financial crisis, China has provided assistance to developing countries through multiple means and channels. We contributed $50 billion to IMF's resource increase with an explicit request that the resources be used, first and foremost, to help the least developed countries. We signed bilateral currency swap agreements worth 650 billion yuan with relevant countries and regions in a joint response to the financial crisis. To maintain regional economic and financial stability, we have established a $10 billion China-ASEAN Investment Fund, provided $15 billion of credit support to ASEAN countries, and actively engaged in and pushed forward East Asian financial cooperation focusing mainly on Chiang Mai Initiative Multilateralization and the Asian Bond Market initiative. We have provided $10 billion of credit support to other member states of the Shanghai Cooperation Organization. We made the decision to provide $10 billion in concessional loans to African countries and cancel the debts owed by heavily indebted poor countries and least developed countries in Africa and we will phase in zero-tariff treatment to 95 percent of the products from the least developed African countries having diplomatic ties with China. On behalf of the Chinese government, I would like to make the solemn commitment that China will continue to offer assistance to other developing countries as its ability permits within the framework of South-South cooperation, and do its utmost to help other developing countries achieve development.

Dear Colleagues,

It is up to all of us to work together to shape the future of the G20 and the world as a whole. Let us unite as one and work side by side to plan for and build an even better future for the world economy.

Thank you.

Source: www.fmprc.gov.cn