Hu's 3 proposals for Asia-Pacific economic development

Chinese President Hu Jintao Sunday put forward a three-point proposal, including deepening reform, remaining open and cooperative and seeking common development, for APEC members to develop their economies amid the unstable global economic recovery.

Hu made the proposition at a keynote on the second day of the 20th informal economic leaders' meeting of APEC held here.

"Under the current circumstances, to ensure growth, promote stability and pursue development remains the top priority of members of the region," Hu said.

He suggested member economies continue to act in a spirit of unity and pursue win-win cooperation to promote strong, sustainable and balanced economic growth in the Asia-Pacific region.

"First, we need to deepen reform to lend impetus to growth," the president said.

"Deepening reform provides a source of strength for growth," he explained.

APEC member economies should advance the process of building a global economic governance architecture with the reform of the international financial system at its core, he said.

He also stressed the urgency of reforming and improving the international economic governance mechanism, and building a fair, just, inclusive and well-managed international economic structure.

"We should accelerate the shift of the growth model and adjust the economic structure" to enhance our respective competitiveness, improve the quality of growth and strive for comprehensive, coordinated and sustainable economic growth, he said.

"Second, we need to be open and cooperative to secure growth," the president proposed.

"Greater openness is a prerequisite of growth," he said.

Hu called on the member economies to remain committed to opening-up, resolutely oppose protectionism in all manifestations, push forward the Doha Round negotiations, and jointly foster a free, open and fair international trading environment.

APEC members should advance the process of regional economic integration in Asia Pacific in an incremental way, he said, noting that they should also take into account the differences and diversity in economic development of individual members of the region.

"Third, we need to pursue development together to put growth on a more solid footing," Hu said.

"To achieve common development is the long-term goal of growth," he said.

Hu stressed the need to establish a new type of global development partnership that is more equal and balanced.

He emphasized the importance of tapping into the development potential of emerging markets and developing countries, and ensuring and improving people's well-being in the course of economic development.

APEC members should "enable all people to benefit from economic globalization and growth and create an enabling environment for members of the region to carry out reform and opening up," he said.

The leaders issued a joint declaration on Sunday, outlining the future development of the region.

The APEC informal economic leaders' meeting next year will be held in Indonesia.