Economic Stability, Growth Remain Important Task: Jiang

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Last updated at: (Beijing Time) Monday, October 28, 2002

Economic Stability, Growth Remain Important Task: Jiang

Chinese President Jiang Zemin stressed Sunday in Los Cabos that achieving economic stability and growth at both global and regional levels is an important task for the international community.

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Chinese President Jiang Zemin stressed Sunday in Los Cabos that achieving economic stability and growth at both global and regional levels is an important task for the international community.

Addressing the second-day session of the 10th Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Los Cabos, Mexico, President Jiang said no country can realize development behind closed doors in the world today.

"Given the risks and difficulties in global and regional economies, it is all the more essential to strengthen coordination and cooperation with one another," the Chinese leader said.

"We should all adopt down-to-earth fiscal and monetary policies, regulate and stabilize the market, and restore the investor and consumer confidence with a view to promoting economic growth," he added.

The developed countries, given their weight on global and regional economies, should take the lead in actions and shoulder greater responsibilities, Jiang said, adding that APEC should give greater play to its unique role.

By speeding up the liberalization and facilitation of trade and investment on the one hand and economic and technical cooperation on the other, APEC can make a contribution to restoring market confidence and enhancing a balanced development, Jiang explained.

While implementing the Shanghai Accord in all its aspects and continuing to push for greater market openness in the fulfillment of the "Bogor Goals", APEC should help enhance the global competitiveness of its developing members through stronger measures of cooperation in capacity building, human resources development and finance, he said.

"It is for this purpose that China has initiated the APEC Finance and Development Program and the Human Capacity Building Promotion Program," Jiang noted, saying that substantive progress has been made in these projects thanks to the active participation of and enthusiastic support from the APEC members.

The president said that China has also established the China APEC Academy, which is intended to conduct research on matters relating to Asia-Pacific cooperation and to train business people.China is ready to continue working with other APEC members in these fields, he added.

New trading system, WTO talks

The Chinese President called for efforts to support a new open, global multilateral trading system and to move forward the new round of negotiations in the World Trade Organization (WTO).

Jiang said that a sound multilateral trading system and fair trading environment are key guarantees for a sustained and steady growth of world trade.

They are also an important precondition for countries to benefit from the ongoing economic globalization, he said, noting that although the new round of multilateral trade negotiations has been launched, its progress has been slow.

The parties should adopt a more pragmatic attitude, bearing in mind their common interests and endeavoring for a sound development of the multilateral trading system, he said. The needs of the developing countries should be given top consideration so that the new round of trade negotiations will truly become one for development, according to the Chinese president.

This makes it essential for APEC to have an in-depth exchange of views on major issues of the new round of WTO negotiations, he said. "We should join efforts to resist trade protectionism and create conditions favorable for economic growth in all members and the healthy development of the multilateral trading system," he emphasized.

In recent years, there has been a rise in regional trade arrangements, which develop in parallel with the multilateral trading system. This represents both a challenge and an opportunity. As long as such arrangements are consistent with the basic principles of the WTO and the "Bogor Goals" laid out by APEC,they will contribute to the evolving trade and investment liberalization process in the Asia-Pacific region and the healthy development of the multilateral trading system, according to the Chinese president.

China's development contributes to world economy

President Jiang said that China's rapid economic development over the years has contributed to the development of the world economy and the creation of more development opportunities.

Jiang said, "Facts have proved and will continue to prove that China's development will bring about more opportunities for the economic development in the Asia-Pacific region and the world at large."

A growing and more prosperous China will undoubtedly play a positive and constructive role in ensuring peace and development in the region and around the world, according to the president.

Thanks to the development over more than 20 years since China adopted the policy of reform and opening up to the outside world in 1978, the country has made remarkable headway in its modernization drive.

Jiang said that China's accession to the World Trade Organization (WTO) in November last year marked a new stage of the country's process of reform and opening up.

"We will remain true to our commitments, working hard to develop an all-directional, multi-level and wide-ranging pattern of openness and participating more broadly in international economic cooperation," Jiang said.

China will unswervingly follow the development path suited to its national conditions, adhere to the process of reform and opening up and press ahead with the socialist modernization drive, he noted.

In the first-day session on Saturday, APEC leaders focused their discussions on terrorism and its effect on the economy. A declaration is expected from the second-day session Sunday, the final day of the 10th annual APEC Economic Leaders' Meeting held at this seaside resort in northern Mexico.

APEC, set up in 1989 in response to the growing interdependence among Asia-Pacific economies and to the need to advance Asia-Pacific economic dynamism and sense of community, now groups Australia, Brunei, Canada, Chile, China, Chinese Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam.

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