China Has Achieved Remarkable Economic Success: Premier

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Last updated at: (Beijing Time) Tuesday, November 19, 2002

China Has Achieved Remarkable Economic Success: Premier

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China has achieved remarkable success in economic development, Chinese Premier Zhu Rongji said Tuesday in an address to the 16th World Congress of Accountants, which opened in Hong Kong Tuesday morning.

To counter the negative impact of the Asian financial crisis and a sluggish world economy, "we have in recent years kept on expanding demands at home, implemented a proactive fiscal policy and prudent monetary policy and pressed ahead with economic restructuring, thus achieving remarkable successes", Zhu noted.

From 1998 to 2001, China's GDP grew by an average annual rate of 7.6 percent, and its import and export trade of 11.9 percent. During that period, China attracted 173.4 billion US dollars of foreign direct investment, the premier noted.

According to Zhu, since China's accession to the WTO one year ago, China's economy has maintained a sound growth momentum. In the first ten months of the year, China's import and export trade reached 500.3 billion dollars, up by 19.7 percent, and the paid-in value of the foreign direct investment totaled 44.7 billion dollars, up by 20.1 percent. By the end of October, China's foreign exchange reserves had topped 265.5 billion dollars.

China has indeed grown stronger in its economic strength, competitiveness and capacity to resist risks, Zhu stressed.

Talking about the just-concluded 16th National Congress of the Communist Party of China, Zhu noted that the congress mapped out the strategy for an all-around development of China's reform, opening-up and modernization drive.

Zhu pointed out that China will strive to quadruple the 2000 GDP within the first 20 years of the century on the basis of the optimized industrial structure and improved efficiency.

He continued to say that China will follow the course of sustainable development, energetically promoting informatization, using IT to propel industrialization, developing high- and new- tech industries, a modern agriculture and modern service industry in a big way and pressing ahead to optimize and upgrade the industrial structure.

Moreover, China will continue to deepen the reform, improve the socialist market economy and make the modern market system more complete so as to provide investors of various kinds with an institutional climate favorable for fair competition and development, Zhu added.

Zhu stated that China will make good on its WTO commitments, further promote the country's all-directional openness to the outside world and participate in the international economic and technological cooperation more broadly and in a more sophisticated manner.

According to Zhu, China, blessed with a high quality and inexpensive labor pool, enjoys political and social stability, a steadily improving institutional environment, and an ability to maintain a high economic growth in a considerably long period of time.

The Chinese premier emphasized that sustained economic growth and prosperity will not only bring greater benefit to hundreds of millions of Chinese people, but also provide enormous opportunities to investors and business people around the world, and pave the way for even broader economic and technological cooperation among countries.

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