'China to enhance co-op to confront global economic crisis'

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LIMA, Nov 22 (Reuters): Chinese President Hu Jintao said Friday that China will take a responsible attitude and enhance cooperation with other countries to confront the global economic crisis.
China supports a gradual diversification of the international monetary system, Hu said in a speech to business leaders ahead of a weekend Asia-Pacific Economic Cooperation (APEC) summit with US President George W Bush, and the leaders of Japan, Indonesia, Russia, Canada, Mexico and others.
"At this critical time, the countries of the world should enhance confidence, strengthen coordination and work closely together to swiftly increment effective measures, including taking all necessary financial and monetary steps to halt the spread of the financial crisis," Hu said in Peru's capital.
"The situation remains extremely grim," Hu said, referring to tumbling financial markets and a recession that has gripped Japan, Italy and Germany and seems likely to engulf others.
"China has been making major efforts within the extent of its abilities to address the financial crisis," he said. He did not offer specifics but presented China as an active partner with other countries in addressing the crisis.
He said the large stimulus package China announced earlier in the month will "vigorously promote China's economic development."
He also said China's basic economic outlook has not changed and that the country will continue appropriately relaxed fiscal policy.
China is committed to shifting its economic growth from exports to greater reliance on domestic consumer spending.