Hu's transformation call signals confidence in recovery

President Hu Jintao's call for "no delay" in transforming China's economic model signals the government's confidence in the nation's recovery, Bank of America-Merrill Lynch said.

Hu urged officials at a meeting in Beijing on Wednesday to accelerate what will be a "prolonged and arduous" task, Xinhua News Agency reported. The government aims to reduce dependence on exports and investment and boost service industries, consumption and technology, Hu said.

The world financial crisis, which triggered a slump in exports, highlighted the need to change the growth model, according to Hu. Bolstering consumption in China, the world's third-biggest economy, could limit imbalances in spending and saving that may have helped to trigger the first global recession since World War II.