Business community's role in economic development

The Chinese president also urged the business community of the APEC to play an important role in tackling the ongoing financial crisis, the worst since the 1930s.

Hu said the business community is a major player in promoting world economic development and sound and stable international economic and trade relations.

"It has an important role to play in tackling the global financial crisis and keeping the world economy on an even keel."

It is imperative to bring into play the role of enterprises, especially multinational corporations, he added.

While trying to maximize returns through market operations, enterprises should adopt a responsible attitude, pursue mutual benefit and complementarity, bear in mind the need to maintain overall economic stability and avoid risks, said the Chinese president.

China's future development

On China's future development, Hu said China will continue to follow the Scientific Outlook on Development by putting people first and making development comprehensive, balanced and sustainable.

"We will unswervingly pursue reform, improve the socialist market economy and build systems and institutions that are dynamic, efficient, more open and conducive to scientific development," Hu said.

China will follow a new path of industrialization with Chinese characteristics and transform the mode of economic growth, he said.

Instead of relying heavily on higher consumption of resources, China will achieve development by making scientific and technological progress, improving the quality of the workforce and developing innovative management, he added.

Since the beginning of this year, China has taken robust measures to address the complex changes in the international economic environment and the severe challenges of major natural disasters.

"We have strengthened macroeconomic regulation in a timely way," Hu said, adding that "the fundamentals of the Chinese economy have not changed."

"The steady and relatively faster economic development in China is in itself a major contribution to upholding international financial stability and promoting world economic development," he said.