China wants to work with other countries to overcome the global economic crisis, while supporting the further opening of markets, coupled with international regulation, dpa quoted a senior official as saying in a policy speech today. Addressing the World Economic Forum in Davos, Vice Premier of the State Council Li Keqiang said his country was moving towards a more consumption-based economy, even as many in the country remained in deep poverty. "We will focus on boosting domestic demand to drive economic growth," Li said, while pledging energy conservation. Likely to become the second largest economy this year, observers are closely watching China's policy. "The storm has not subsided, and we have to continue working together like passengers on the same boat," Li said, in one of several metaphors he used to spice up a prepared statement. The crisis dictates that countries "work in tandem with each other so as to pool strengths for win-win progress in a complex environment," the vice-premier told the gathering of politicians and business leaders. "We need to reform international financial institutions, tighten global financial regulation and put in place regional financial assistance mechanisms," Li said. While global economic growth was improving, he warned that the "foundation for economic recovery is still weak." China itself was however positioned to "achieve long-term, fast and steady economic growth," he predicted. Trying to ease international concern, Li also said China would "open wider to the world" and protect intellectual property rights. The Chinese leader slammed trade protectionism, promoted a conclusion of the ongoing but stagnated Doha Round of trade talks at the World Trade Organization and pushed for improved global governance to include regulation of financial firms and a reform of international institutions. His calls for regulation and reform echoes similar speeches delivered at the forum by Nicolas Sarkozy of France and to an extent South Korean President Lee Myung Bak. Li's speech was entitled "Build a common future through cooperation and inclusiveness and promote sound recovery and sustained development of the world economy." He used the address also to say there needed to be greater "balanced development of the world," to aid the healthy growth of the world's poorer nations.
