The Straits Times
Published on Nov 08, 2012

China's Hu stresses importance of economic development


BEIJING - China has to accelerate its economic restructuring, stressed President Hu Jintao in his opening speech at the Communist Party's national congress, noting that "development is the key to solving all our problems".

As China's GDP growth slows from an average of over 10 per cent over the past decade to an expected rate of below 8 per cent this year, the world's No. 2 economy is under pressure to find new growth drivers.

China's top leaders have pledged reforms to accelerate the economy's shift from exports and state-led investment to domestic consumption and more value-added production, especially by private enterprises.

In his wide-ranging speech, Mr Hu said that China's development is still unbalanced and needs to become more sustainable.