Chinese President Warns against Protectionism

Chinese President Hu Jintao warns that protectionism will not help any country move out of the financial crisis, saying it can only pose a threat to the fragile momentum of the economic recovery.Shuang Feng has more.

Reporter:

In a 20-minute speech to Asia Pacific business and political leaders in Singapore, Hu Jintao called for adopting a multi-pronged approach to turning the crisis into an opportunity, laying a solid foundation for the full recovery of the world economy.

On reviving the world economy, Hu Jintao put forward a four-point proposal, in which he calls for promoting trade and investment liberalization and facilitation.

"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."

The president urged the world to conclude the Doha Round of trade talks, which have been stalled for eight years.

"The developed members of APEC should adopt effective measures to meet the forum's Bogor Goals for liberalized trade in the region on schedule next year, so as to inject new vitality into sustained economic and trade growth"

Hu Jintao also called for pushing forward regional economic integration through multiple channels. He said countries need to cooperate in building an "international financial supervisory and regulatory system" to improve oversight and regulation.

What's more, he stressed the need for accelerating transformation of economic development patterns with innovative ideas, highlighting economic and technical cooperation between developed and developing members.

On top of this, Hu Jintao called for reducing manmade barriers to technology transfer, narrowing the technology gap, especially the green technology gap, and avoiding a new "green divide."

Shuang Feng, CRI news.