HONOLULU, United States, Nov. 13 (Xinhua) -- Chinese President Hu Jintao and leaders of other Asia-Pacific Economic Cooperation (APEC) members met in Honolulu, Hawaii on Sunday to find ways to speed up regional economic integration, free trade and investment, and economic and technological cooperation.
The annual meeting, hosted by U.S. President Barack Obama in his home state, is being convened at the JW Marriott Ihilani, Honolulu to boost regional economic integration, trade, green growth, job creation, energy security and regulatory cooperation.
President Hu delivered a speech titled "Shift Growth Model to Sustain Economic Development" at the meeting.
Hu said economic globalization is gaining momentum, countries are becoming increasingly interdependent economically, and new changes are underway in global economic governance.
At the same time, the global economic environment remains complex and volatile. Some major economies are experiencing economic slowdown, and some countries are facing acute sovereign debt problems. Volatility in the international financial markets persists. Rising inflationary pressure confronts emerging markets. Protectionism in various forms is on a notable increase. As a result, the global economic recovery encounters greater instability and uncertainty, the president noted.
"Our goal is to achieve sustained, steady and fairly fast economic growth and social harmony and stability in our region," Hu said.
To meet this goal, Hu made a third-point proposal.
First, APEC members should step up coordination to improve global economic governance, Hu said, adding that the global economic governance mechanism should adapt to the changing economic environment in order to help all countries strengthen coordination and work together to effectively tackle challenges.
"We should enhance coordination on macroeconomic policies and boost market confidence. We should press ahead with the reform of the international financial institutions, aid by the principles of mutual respect and collective decision-making, and increase the representation and voice of emerging markets and developing countries," Hu said.
"We should make financial regulation more targeted and effective, enhance supervision over credit rating agencies and cross-border capital flows, supervision over credit rating agencies and cross-border capital flows, keep the liquidity of main reserve currencies at reasonable and stable levels, improve the international monetary system, support the G20 in playing its role as a premier forum in global economic governance, and make the international economic order more just and equitable," he said.
Second, APEC members should make unremitting efforts to speed up the shift of the growth model, Hu said.
"We should speed up the shifting of the growth model and adjust the economic structure," Hu said, adding that developed countries should follow responsible macroeconomic policies and properly handle sovereign debt and fiscal risks, while emerging markets should boost domestic demand and promote growth through the combined forces of consumption, investment and export.
"We should strike a balance between economic and social development and environmental protection, achieve sustainable development in resources and the environment, and maintain sustainability in fiscal, monetary, trade and industrial policies," he said.