At Asian Forum, China Pledges Domestic-led Growth

ELAINE KURTENBACH

SINGAPORE (AP) — China pledged Friday to wean itself away from export-driven growth as Asian-Pacific business and government leaders reaffirmed their commitment to the open trade and measured stimulus they say is necessary to assure a global economic recovery.

President Hu Jintao said China is doing what it can to fire up demand at home so that the world's third-largest economy is less reliant on exports.

"Our focus in countering the crisis is to expand domestic demand, especially consumer demand," Hu said in a speech on the sidelines of the Asia-Pacific Economic Cooperation forum, which culminates this weekend with meetings of Pacific Rim leaders, including President Barack Obama and Japanese Prime Minister Yukio Hatoyama.

China, which saw 8.9 percent growth in the last quarter, will continue with reforms aimed at improving living standards and reducing social burdens such as educational fees and health care that inhibit spending by frugal Chinese consumers, Hu said.

Such moves by China and other developing economies are seen as crucial for ensuring a sustained global recovery, given the weakness of the U.S. consumer market.