China Striving to Become World's 2nd Largest Market

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Last updated at: (Beijing Time) Wednesday, July 23, 2003

China Striving to Become World's 2nd Largest Market

China is striving to become the world's second largest market within 20 years, said Chinese Commercial Minister Lu Fuyuan Tuesday in Dalian. Lu made the remark during a meeting with heads of foreign delegations from Austria, Brunei, Demark, Malaysia and Vietnam.

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China is striving to become the world's second largest market within 20 years, said Chinese Commercial Minister Lu Fuyuan Tuesday.

Lu made the remark during a meeting with heads of foreign delegations from Austria, Brunei, Demark, Malaysia and Vietnam.

China will do its utmost to achieve its goal of doubling the size of its domestic market to enhance market structure and to improve people's living standards, Lu said.

He said the 16th Congress of the Communist Party of China set a target date that China will achieve the goal of doubling its GDP by 2020.

More business opportunities will be created for foreign enterprises if China becomes the 2nd largest market in the world, Lu said, adding that China hopes to expand cooperation with Asian and European nations on the principle of mutual benefit.

He said that China's import volume reached 185.8 billion US dollars in the first half of 2003, up 44 percent year-on-year. With this growth rate, import volume for the next three year period will exceed one trillion US dollars. The same import volume will be expected in every two year period by 2010, he added.

Such a huge import volume will not only improve domestic living standards, but will also benefit Asian and European nations, as well as the whole world, Lu said.

He said China and other Asia-Europe Meeting (ASEM) members have maintained sound political relations, adding that economic relations have been enhanced in recent years. China hopes that ASEM members will exchange views and make cooperative efforts to strengthen bilateral trade.

The heads of the delegations said they attach great importance to China's growing international status and market potential. They believed that China's economic growth is crucial to regional and global development and that other nations can benefit from it.

They added that they hope to have more frequent contact with China in order to enhance bilateral trade relations.

The three-day 15th ASEM Economic Ministers Meeting opened with the Asia-Europe High Level Economic Forum Tuesday with delegates from all 26 members.

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