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China backing global recovery

China will pursue steady policies and seek to boost domestic demand, said Chinese President Hu Jintao to try and maintain economic growth to support a global recovery, he was speaking ahead of the start of the Asia-Pacific Economic Co-operation (Apec) summit in the Russian port city of Vladivostok.

All countries in the region, he said, shared a responsibility to maintain peace and stability. “The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties,” President Hu told businessmen in a speech before the summit. “The underlying impact of the international financial crisis is far from over. “We will work to maintain the balance between keeping steady and robust growth, adjusting the economic structure and managing inflation expectations. We will boost domestic demand and maintain steady and robust growth as well as basic price stability.”

US Secretary of State Hillary Clinton also urged countries in the region to lift more barriers to free trade in the Pacific. American officials say they would welcome a more active Russian role in the region. “Fostering a balanced and stable economy is a challenge too sweeping and complex for countries to approach in isolation,” Mrs Clinton said. “If we do this right, globalisation can become a race to the top, with rising standards of living and more broadly shared prosperity.”

Experienced Independent Financial Advisors at Enable know how important it is to keep abreast of global trends to enable more broadly shared prosperity and manage wealth effectively.

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