5th ASEM Economic Ministers' Meeting Opens in Dalian

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Last updated at: (Beijing Time) Thursday, July 24, 2003

5th ASEM Economic Ministers' Meeting Opens in Dalian

The 5th Asia-Europe Meeting (ASEM) Economic Ministers' Meeting (EMM) opened Thursday in Dalian, a coastal city in northeast China's Liaoning Province. Economic cooperation is the basis and pillar of Asia-Europe cooperation and ASEM is an important bridge between Asia and Europe, said Chinese Vice-Premier Wu Yi.

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It is of great significance to deepen the Asia-Europe cooperation for the common prosperity of the two continents, Chinese Vice-Premier Wu Yi Thursday told the fifth Economic Ministers Meeting of the Asia-Europe Meeting (ASEM) which is being held in the port city of Dalian in northeast China's Liaoning province.

This is the first large-scale international meeting China has hosted since the outbreak of severe acute respiratory symptom (SARS). About 250 delegates from the 25 member nations and the European Commission are attending the meeting, which is chaired by Chinese Commerce Minister Lu Fuyuan.

The title of Wu's speech was "Economic cooperation is the basis and pillar of Asia-Europe cooperation."

The world economy was at the stage of adjustment and recovery and faced many uncertainties, she said, expressing the hope that the Dalian meeting would send positive signals to the upcoming World Trade Organization Ministerial Meeting to be held Cancun, Mexico.

"You are all aware of the trial of the Chinese people brought about by the outbreak of SARS several months ago," she said. "The economy of China will keep up its momentum of stable growth."

Wu noted that the Chinese new government would continue to implement the policy of reform and opening up, earnestly fulfill WTO commitments and intensify the comprehensive, wide-ranging and in-depth cooperation with the rest of the world for a more prosperous future.

"Building a well-off society in an all-round way is China's goal of economic and social development in the first two decades of the century, which will be a period of rapid growth," Wu said.

She said the realization of this goal would not only benefit the population of more than one billion Chinese people, but also make a positive contribution to the world's economic growth.

As an important mechanism coordinating and guiding Asia-Europe cooperation, ASEM played an active role in promoting trade between the two continents, creating a stable and predictable economic environment, the vice-premier acknowledged.

EMM is of special importance to China

The current fifth EMM of the Asia-Europe Meeting (ASEM) held in northeastern China port city of Dalian is of special importance to China, said Wu Yi .

In her address to the EMM, Vice-Premier Wu said that the Chinese people have undergone the baptism brought about by the outbreak of SARS (severe acute respiratory symptom) several months ago.

Though SARS has produced a certain negative impact on the Chinese economy, Wu noted, industries affected most seriously by SARS are now picking up with the efficient containment of the epidemic in China and the removal of Beijing and other regions by the WHO from the Travel Advisory and List of Epidemic Areas.

The economy of China will keep a good momentum of stable growth and the Chinese government is fully confident in attaining the target of seven percent GDP growth for the whole year, she said.

Wu underlined that "China highly values its cooperation with ASEM and is ready to develop its friendly economic cooperative relations with ASEM members and other countries."

"The new Chinese leadership will continue to implement the policy of reform and opening up, earnestly abide by WTO commitments and make active efforts to intensify the comprehensive, wide-ranging and in-depth cooperation with the rest of the world for a still more prosperous and splendid future," Vice-Premier Wu Yi said.

Economic cooperation basis and pillar of Asia-Europe cooperation

Economic cooperation is the basis and pillar of Asia-Europe cooperation and ASEM is an important bridge between Asia and Europe, said the Chinese Vice-Premier.

She said since its inception in 1996, the ASEM, with the purpose of "establishing a new comprehensive Asia-Europe partnership and promoting common development," has been playing a positive and promotive role in strengthening the communication and collaboration among ASEM members by conducting political dialogue, economic cooperation and scientific, technical and cultural exchanges.

"It is becoming an important cooperation mechanism linking the two big continents," Wu noted.

The 25 ASEM member states, big in market potential and complementary in terms of economic development stage and natural resources, enjoy broad prospect of economic cooperation, she said.

Wu said "at a time when economic globalization and regional economic integration are gaining momentum, it is of great significance to deepen the Asia-Europe cooperation, give play to the comparative advantages of each other for the purpose of achieving common prosperity of the two continents."

She said the world economy is now at the stage of adjustment and recovery and she believed that during this meeting, the ministers will "build up wider consensus, find out more ways of cooperation to face up to the challenges together and make positive contribution to boost the world economy."

Wu said this session of the ASEM EMM, held not long before the World Trade Organization (WTO) Cancun ministerial meeting, is therefore "very important."

"It is always the mission of the ASEM to consolidate the multilateral trading system. If all members adopt the attitude of seeking common ground while putting aside differences, look for shared interests and form consensus on some issues covered by the new round, we can send positive signals to the Cancun Meeting facilitating the achievement of substantive results in Cancun. This will undoubtedly be a strong support to the multilateral trading system," Wu said.

The EMM, one of the most important ministerial meetings of the ASEM, will focus on six topics: global economic growth, the new round of World Trade Organization (WTO) free trade talks, facilitation of trade, promotion of investment, direction of development of Asian and European economies and closer partnership between the two continents.

The 25 ASEM member nations, with some 2.3 billion people producing half of the world's gross product, were strong in scientific and technological capacities, had abundant natural resources and huge markets, and were complementary in terms of economic development stages and natural endowment, and therefore enjoyed broad prospects for economic cooperation.

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