Source Pravda.Ru

China's President Condemns International Trade and Investment Protectionism

China's President Hu Jintao has called the global community to fight the forces of protectionism stimulated by global Hu Jintao financial crisis.

"The international financial crisis has given rise to trade and investment protectionism of various forms," he told the Asia Pacific Economic Cooperation CEO Summit on Friday. "Protectionism will not help any country move out of the crisis. It can only pose a threat to the fragile momentum of the economic economy."

His comments come ahead of U.S. President Barack Obama's arrival in Singapore on Saturday, as well as his first trip to China early next week, CNN reports.

Meanwhile, China is doing what it can to expand domestic demand and rebalance its economy, President Hu Jintao said Friday, calling for renewed efforts to improve international financial oversight to prevent future crises.

"Our focus in countering the crisis is to expand domestic demand, especially consumer demand," Hu said in outlining the approach of the world's third-largest economy to the global economic slowdown and its aftermath.

Speaking to business leaders gathered for the annual Asia-Pacific Economic Cooperation forum, Hu pledged to continue reforms aimed at improving living standards and reducing social burdens, such as costs for education and health care, that inhibit higher spending by frugal Chinese consumers.

China's rebound from the global crisis has won it accolades for its rapid and strong response to a sharp slowdown in exports that has hammered its manufacturers since late last year , The Associated Press reports.
It was also reported, Chinese President Hu Jintao called on Friday for an end to "unreasonable" trade restrictions on developing countries, just days ahead of a U.S. presidential visit to his country that has been clouded by economic tensions.

"The inherent problems of the international economic system have not been fully addressed and a comprehensive world economic recovery still faces many uncertainties and destabilizing factors," Hu said in a 20-minute speech.

"We must continue to promote trade and investment liberalization and facilitation and oppose protectionism in all its manifestations, particularly the unreasonable trade and investment restrictions imposed on developing countries," Reuters reports.
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