China eyes reform for development amid recession.

Chinese Premier Wen Jiabao urged long-term preparedness for dealing with the global downturn, saying China will tackle the development issue through reform, state news agency Xinhua reported on Tuesday. <br /><br />During the four-day meeting with for Chinese diplomats on Monday, Wen said that the global financial crisis has plunged the world into deep recession, and it's difficult to say the global downturn has reached the bottom.<br /><br />"The recovery of the global economy will be a slow process with twists and turns, there must be a long-term preparedness to effectively deal with (the global downturn)," said Wen.<br /><br />Wen said that China will stick to mutual-beneficial strategy of opening-up and the use of outbound investments. China will combine expansion of domestic demand with stabilizing foreign demand, continue to use foreign investment, and accelerate the pace of "going out" strategy, Wen said.<br /><br />Wen said China will continue to reform renminbi, or yuan, exchange rate forming mechanisms, and maintain the yuan's exchange rate at a stable level.<br /><br />China will participate extensively in international cooperation in non-traditional fields and further work with other countries to address the climate change issue, Wen said.<br /><br />Chinese President Hu Jintao also made a speech at the meeting.<br /><br />In addition to President Hu Jintao and Premier Wen Jiabao, seven members of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee attended the meeting, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang.