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China president calls for shift in growth model

Chinese President Hu Jintao called for the country to make a bigger effort to transform its economic growth model, state radio reported.

Hu supported weaning the economy away from exports and toward service industries, accelerated development in rural areas, and more energy- and resource-efficient production, in an eight-point proposal that largely repeats previous policy goals.

He said the quality and effectiveness of China's economic growth should be improved, even as policy planners attempt to rein in overheating while not endangering the momentum from stimulus measures that helped the country stave off the worst of the global economic crisis.

“The global financial crisis makes it more urgent for us to change the economic growth model”, state radio cited Hu as saying in a meeting with provincial cadres.

He said China would stick to its policy of opening up the economy, first formulated three decades ago. (Reuters)