China urges aid for developing nations

Multinational corporations should help redress imbalances in the world economy, Chinese President Hu Jintao said today.

Multinational corporations should help redress imbalances in the world economy, Chinese President Hu Jintao said today.

Speaking at the Asia-Pacific Economic Cooperation forum in Hanoi, he said: "I call on you to give more priority to exploring business opportunities and expanding market share in developing countries.

"To narrow the development gap and promote common development requires the active participation of the business community," he said.

The head of China's ruling Communist Party also pledged support for other developing nations and urged other governments to boost aid "with no strings attached" to poorer nations.

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He called on executives to "play an active role in facilitating economic and technical cooperation and common development in our region".

Mr Hu said China will accelerate reforms of its economy to counter its growing and politically contentious trade imbalances.

On Sunday, the Chinese leader will meet President Bush, who faces growing pressure over China's surging trade surplus with the United States following the opposition Democratic Party's recapture of Congress in elections last week.

China's trade surplus with the United States is projected to jump 12 per cent year-on-year to $228 billion this year. The Chinese Commerce Ministry forecasts that the country's overall trade surplus will soar to a record $150 billion this year, nearly 50 per cent above the 2005 level.