China Calls for Sharing Benefits of 'New Economy'

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Last updated at: (Beijing Time) Friday, May 31, 2002

China Calls for Sharing Benefits of 'New Economy'

The benefits produced by the "new economy" should be shared by both rich and developing countries, a senior Chinese official attending the APEC Trade Ministers Meeting said Thursday in Puerto Vallarta. The meeting continues debating how to fulfill the Shanghai Agreement reached last year within the framework of the action plan aimed at liberalizing and facilitating trade and investment.

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Both rich and developing countries should share the benefits produced by the "new economy", a senior Chinese official attending the Asia-Pacific Economic Cooperation (APEC) Trade Ministers Meeting said Thursday in Puerto Vallarta.

About APEC

The Asia-Pacific Economic Cooperation (APEC) forum was established in 1989 to promote economic growth and integration in the Pacific region. Originally an informal group of 12 Asia-Pacific economies (including the United States), APEC has expanded to 21 members with the admission of the People's Republic of China (PRC), Hong Kong, and Taiwan in 1991; Mexico and Papua New Guinea in 1993; Chile in 1994, and Peru, Russia and Vietnam at the annual meeting held in November 1998 in Kuala Lumpur, Malaysia.

Lu Fuyuan, China's Vice Foreign Trade and Economic Cooperation Minister, said the benefits of the world trade liberalization must also include a reduction in the "technological gap."

The meeting in the Mexican coastal city continues debating how to fulfill the Shanghai Agreement reached last year within the framework of the action plan aimed at liberalizing and facilitating trade and investment.

At this meeting, which is set to close on Thursday, representatives of 21 APEC members will also analyze the possibility of reducing transaction costs by five per cent within a five-year period, Lu said.

Moreover, Lu said the entry of China into the World Trade Organization does not pose a threat to the other developing countries, on the contrary both will receive benefits.

China's increasing imports have driven growth in the world economy and have also promoted economic development in the Asia-Pacific region, he said.

The senior official announced that China will organize an exposition of electronic products in 2003, in Yantai, east China's Shangdong Province.

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