Chinese Premier Wen: Global Economic Recovery Still Has Obstacles
First Published Sunday, 22nd April 2012 06:39 pm - © 2012 Dow Jones
(Updates with more comments by Wen)
HANOVER, Germany -(Dow Jones)- The international financial crisis hasn't ended and the global economic recovery remains full of potholes, China Premier Wen Jiabao said Sunday.
Countries should facilitate the growth of real economy, Wen said in a speech in Hanover, Germany. Wen added that a major cause of the financial crisis is that the virtual economy in some developed countries have grown excessively and become divorced from the real economy. "The lack of new growth areas in the real economy has hindered recovery of the world economy," he said.
China will continue to promote industrialization, urbanization and agricultural modernization, which will lay a solid foundation for economic growth, Wen said to an audience of German and Chinese businessmen at the opening of the Hanover Trade Fair.
"Made in China" products "still have a long way to go' up the value chain into more advanced stages, said Wen, adding that he hopes these products will be replaced by a "Created in China" label in the future.
China's manufacturing sector still suffers from inefficient use of resources and weak capacity, but it will continue to build an innovation driven economy, said Wen.
Wen is currently in Germany on the second leg of an official visit in Europe. He left Iceland earlier and will subsequently travel to Sweden and Poland.
Wen added that China remains committed to market reforms and will continue to open its economy. The country will strive to protect intellectual property rights and ensure its policies promote a level playing field for international companies in China, including its government procurement policy, Wen said.
Wen added that China rejects protectionism in all forms.
In 2010, some German companies complained about government procurement policies in China, saying they unfairly benefit local companies at the expense of foreign players.