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Last updated at: (Beijing Time) Thursday, October 31, 2002

Foreign Trade Develops by Leaps and Bounds in Reform and Opening-up

The past 13 years are a period which has witnessed China's active participation in economic globalization, the sustained, rapid and sound development of the national economy and the notable rise in the overall national strength and people's living standards, this same period has also seen the fastest and best development of China's foreign trade and economic cooperation achieved by seizing opportunities and advancing in defiance of difficulties, with the growth rate rarely seen in the development history of world trade.


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The past 13 years are a period which has witnessed China's active participation in economic globalization, the sustained, rapid and sound development of the national economy and the notable rise in the overall national strength and people's living standards, this same period has also seen the fastest and best development of China's foreign trade and economic cooperation achieved by seizing opportunities and advancing in defiance of difficulties, with the growth rate rarely seen in the development history of world trade, Shi Guangsheng, minister of Foreign Trade and Economic Cooperation (MOFTEC), made the above remarks at the Report Meeting on the series of achievements gained in reform, opening up and modernization since the Fourth Plenum of the 13th CPC Central Committee held in Beijing on October 10.

Shi said China's national economy and foreign trade development have been faced with both rare development opportunities and unprecedented challenges since the Fourth Plenum of the 13th Party Central Committee. The Party Central Committee with General Secretary Jiang Zemin at the core was well aware of the new change in the world political and economic situations, went with the tide of the times and broke new grounds for the future, thus bringing about profound historic change in and scored unprecedented achievements for foreign trade in the course of reform and opening up.

The achievements in the past 13 years, which were the results of the staunch leadership of the Party Central Committee, the common efforts made by various regions and professions and the triumph over various kinds of difficulties, were gained really none too easily. The achievements fully show that the series of reform and opening policies and development strategies formulated and implemented by the Party Central Committee and the State Council to adapt to the complicated and volatile international situation are entirely correct.

In his report, the minister listed six major achievements gained in China's foreign trade and economic cooperation over the past 13 years:

First, foreign trade has experienced a historic leap, China's status as a large trading country has been established. In 2001, China's total import and export volume reached US$509.8 billion, 4.6-fold over 1989, with an average annual growth of 13.6 percent, far higher than world trade growth level of 6.1 percent and the 9.3 percent growth rate of China's GDP in the same period. The ranking of China's foreign trade in the world had jumped from 15th in 1989 to 6th in 2001. At the same time, China's foreign trade structure has been constantly optimized, with the business mainstay and trading method being diversified.

Second, a new situation in the use of foreign capital has been created and the formation of an all-round, multi-level and wide-ranging pattern of opening to the outside world has been promoted. In 2001, China actually absorbed foreign capital to the tune of US$46.9 billion, a 13.8-fold increase over 1989, with the average annual growth rate reaching 24 percent. The amount of foreign investment China actually used in the past 13 years hit a total of well over US$400 billion, representing upward of 97 percent of the total foreign investment absorbed since the initiation of the reform and opening policy. The structure of foreign capital absorbed has been constantly improved, and the level of foreign capital attracted has been raised incessantly.

Third, the initial result gained in the "go global" strategy has boosted the development of the export-oriented economy. By the end of June of this year, China had set up altogether 6,758 overseas enterprises, total negotiated investment amounted to US$13.2 billion, with the amount of Chinese investment hitting US$8.9 billion; the business volume of contracted projects China undertook abroad and labor service cooperation fulfilled reached US$97.2 billion; at the end of June this year, the number of service workers abroad hit the mark of 475,000, or 432,000 people more than that at the end of 1989.

Fourth, the status and role of foreign trade in the national economy have undergone fundamental change, which has thus become an important component of the national economy. The rapid development of foreign trade has given a great impetus to the growth of the national economy, expedited the adjustment of the domestic industrial structure, improved the quality and efficiency of economic growth, increased tax revenue, expanded employment and greatly improved the balance of payment position.

Fifth, China's successful accession to the World Trade Organization (WTO) has ushered opening to the outside world into a new stage and is revealing its positive effect on economic development. Over the past nine months since China's gained WTO membership, China has set off a steady beginning and has accumulated some experience for dealing with future work.

Sixth, the development of foreign trade has improved and strengthened China's foreign relationships and promoted the great cause of the reunification of the motherland.

Shi remarked that China has gained remarkable achievements in developing its foreign trade, which has given us the following basic enlightenment:

Consistent and unswerving persistence in opening to the outside world is the essential prerequisite for the constant development of China's foreign trade;

Maintenance of the sustained, rapid and sound development of the national economy is the basic foundation for the continuous development of China's foreign trade;

Establishment of a socialist market economic system is the fundamental motive force for the constant development of China's foreign trade;

Preservation of the continued stability of a good policy and enhancement of overall competitiveness are the fundamental conditions for the continued development of China's foreign trade;

Perseverance in doing two types of work at the same time and attaching equal importance to both provides a basic guarantee for the continuous development of China's foreign trade.

Looking into the future enables us to see that as long as we continue to hold high the great banner of Deng Xiaoping Theory, comprehensively implement the important ideology of General Secretary Jiang's "three represents", China's foreign trade can definitely bring about the change of China from a large trading country to a trading power, we will play a still greater role in realizing the third-step strategic goal for the modernization drive, and make our due contributions to the prosperity and development of the world economy.

By People's Daily Online


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