Help developing countries cope with crisis

President Hu also called for international efforts to help developing countries and the least developed countries cope with the global financial crisis.

"When coping with the financial crisis, the international community should pay particular attention to the damage of the crisis on developing countries, especially the least developed countries (LDCs), and do all it can to minimize the damage."

It is necessary to help developing countries maintain financial stability and economic growth, sustain and increase assistance to developing countries, and maintain economic and financial stability in developing countries, he said.

China to play constructive role

Responding to natural disasters and the global financial crisis, China has made timely adjustment to its policies and strengthened macroeconomic regulation, Hu said.

"Steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth," he noted.

"The Chinese government has adopted measures to boost economic development, including lowering the required reserve ratio, cutting the deposit and lending rates, and easing the corporate tax burdens," Hu told the participants.

Meanwhile, as a responsible member of the international community, "China has taken an active part in the international cooperation to deal with the financial crisis and played a positive role in maintaining international financial stability and promoting the development of the world economy," he said.

"Stability of the international financial markets and sustained development of the global economy are crucial to the well being of all countries and people," Hu noted.

"Let us tide over the difficulties through concerted efforts and contribute our share to maintaining international financial stability and promoting global economic growth," he concluded.

(Xinhua News Agency November 16, 2008)