China to Open up US$1.5 Trillion Trade Market in Five Years: Vice President

Home>>World

Last updated at: (Beijing Time) Thursday, April 25, 2002

China to Open up US$1.5 Trillion Trade Market in Five Years: Vice President

China has taken into full account the needs of Asian countries when making market access commitments. In the next five years, a more open China will provide its trading partners with opportunities of at least 1.5 trillion US dollars worth of goods, Vice President Hu Jintao said Wednesday in Kuala Lumpur at a function organized by the Asian Strategic Leadership Institute.

DISCUSSION

CHINESE

SEND TO FRIEND

Visiting Chinese Vice-President Hu Jintao said Wednesday in Kuala Lumpur that China's entry into the World Trade Organization (WTO) will provide a much broader market and more business opportunities to the rest of Asia.

While addressing the Asian Strategy and Leadership Institute of Malaysia, Hu said China has taken into full account the needs of Asian countries when making market access commitments. In the next five years, a more open China will provide its trading partners with opportunities of at least 1.5 trillion U.S. dollars worth of goods.

China's service trade market will also be opened gradually to allow new sectors for foreign investors, he said, adding that as China accelerates the implementation of its "go global" strategy, it will also increase its investment in other Asian countries.

In recent years, China's rapid economic growth coincided with its surging trade with other Asian countries.

Trade between China and ASEAN (Association of Southeast Asian Nations) members reached 41.6 billion U.S. dollars in 2001 from only 8 billion U.S. dollars in 1991. Even during the years of the Asian financial crisis, two-way trade retained an average annual growth of over 20 percent. ASEAN has continued to enjoy a trade surplus with China with the 2001 surplus standing at 5 billion dollars.

With improved living standards, more and more Chinese have traveled abroad, and the bulk of them have traveled to Southeast Asia, Hu said.

The Chinese Vice-President, who is here on a three-day official visit as guest of the Malaysian government, stressed that China's development will contribute to Asian prosperity.

As economic globalization goes further, economic competition among countries is likely to get tougher.

Like other developing countries in Asia, China is also faced with the pressure of competition, Hu said.

"What is important for us developing countries is not to compete with one another, but to meet the challenges together through closer cooperation. China is ready to join the ASEAN countries in improving the developing countries' conditions in international economic competition," he stressed.

Closer Cooperation Among Asian Countries

Hu said, "The top priority for us Asian countries is to strengthen solidarity and cooperation and secure a steady and sustained development. We should base ourselves on the reality and jointly cultivate a more open and more accommodating environment for development that respects our diversity."

Although many Asian countries remain confronted with the arduous task of economic restructuring and poverty eradication and some are yet to fully extricate themselves from the predicament caused by the Asian financial crisis, Asia's achievements in the past 50 years give us reasons to be confident in our future, he said, adding Asian countries have the capacity to win initiative and stand firm in the surging waves of globalization.

Right now, Asia contributes a quarter of the world's economic aggregate and 30 percent of global trade, becoming a highly dynamic continent with a great growth potential.

The Chinese vice-president said, "Given differing levels of development among Asian countries, we may conduct mutually-complementary North-South cooperation as well as a wide variety of South-South cooperation."

Hu mentioned Prime Minister Mahathir's proposal of "East Asia Economic Caucus" and called the "10+3" cooperation now "a highlight of regional cooperation".

Last year, China and the ASEAN (Association of Southeast Asian Nations) agreed to establish a free trade zone within 10 years and cooperation in the development of the Mekong Basin has also made positive headway, he noted.

Hu called on big countries to respect the interests of the small and medium-sized Asian countries, treat them on an equal footing and act constructively for Asia's stability and prosperity.

Hu also urged all Asian countries to continue to honor the spirit of consensus, gradualism and mutual benefit, step up cooperation at both bilateral and regional levels to strive for common prosperity, persist in resolving conflicts and problems through dialogue and consultation, guard against new antagonism and confrontation, and make Asia a continent of peace and tranquility.

China's Development Serves Asian Stability

The Vice-President said China's development would be impossible without the rest of Asia, and Asia's prosperity would be impossible without China. "History has and will continue to prove that China is a positive force for an economically stronger and politically more stable Asia."

Hu said treating one's neighbors with kindness and living with them amicably are considered by the Chinese the bedrock of a successful nation.

"Now we are dedicated to building China into a strong, prosperous, democratic and culturally advanced modern country. We need an international environment of lasting peace and desire to have friendly ties with all countries in the world, particularly our neighbors. This is no expediency, but the inevitable choice made in conformity with the requirement of the times and the long-term interests of the people in China and the world," he said.

He stressed China's independent foreign policy of peace, saying that strengthening good-neighborly ties of amity and cooperation with the surrounding countries has always been part and parcel of China's principles in handling foreign relations.

The Chinese Vice-President spoke highly of Malaysia's achievements in its industrialization and expressed admiration for its foreign policy of neutrality and non-alignment, which he said has been dedicating itself to and playing a unique role in the maintenance of peace and stability in the region.

While meeting with Prime Minister Mahathir in 1999, Chinese President Jiang Zemin expressed the hope that both sides would join efforts to bring a deeper, broader and better China-Malaysia relationship into the 21st century.

"We are glad to see that relations between the two countries have now entered a new stage of an all-round development," Hu said.

Hu said he hoped the two countries will maintain the close exchanges between top leaders and at various levels, deepen mutual understanding and trust, and vigorously promote cooperation in trade, economy, science, technology, culture and other fields to make greater contribution to a more stable and prosperous Asia as well as to peace and development throughout the world.

Questions?Comments? Click here

Vice President Arrives in Malaysia for Official Visit

>> Full Coverage

Protests Prompt Retailer to Pull T-shirts Mocking Chinese-Americans ( 35 Messages)

Ins and Outs of a Young American's Roguery on Bus in China ( 142 Messages)

FM Spokeswoman: US Has Clarified its Stance on Taiwan Issue ( 21 Messages)

China's Economy to Grow Above Six Percent ( 29 Messages)

China Expresses Strong Dissatisfaction over Japanese PM's Shrine Visit ( 6 Messages)