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Chinese premier expounds on China's opening up policy
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08:10, November 20, 2007

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Visiting Chinese Premier Wen Jiabao expounded on China''''s opening up policy in Singapore on Monday, saying China will unswervingly follow the set policy.

Delivering a speech entitled "Only an Open and Inclusive Nation Can Be Strong" at the National University of Singapore, Wen said the 17th National Congress of the Communist Party of China convened in October highlighted China''''s resolve to pursue reform and opening up and to build socialism with distinctive Chinese characteristics and its confidence in accomplishing this endeavor.

China''''s opening up policy is long-term, comprehensive in nature and based on mutual benefit, said the Chinese premier.

"China''''s opening up policy is a long-term one," Wen said, noting that the policy has brought great benefits to more than 1 billion Chinese.

China will not change the policy since a right policy benefits the country and enjoys the support of the people, Wen said.

"To deviate from this policy will only impede China''''s development and we will lose popular support," he said, "This is the fundamental reason why China will stay on the track of opening up."

"Opening up is crucial to China''''s reform and modernization endeavor. It is a basic state policy, not expediency," he said, "Though the specific measures and means to implement this policy may differ in different stages, the basic policy will not change."

"China''''s opening up is comprehensive in nature," Wen said, "We are open not only to the developed countries, but also to the developing countries. We are open not only in economy, but also infields such as science, technology, education and culture."

The Chinese premier said only by opening up can the country bring in advanced and useful practices.

"We should boldly absorb and draw upon all the achievements of the human society, including those of the capitalist countries, build on them and make innovations," Wen said.

"China''''s opening up policy is based on mutual benefit," he said in the speech. Singapore''''s Minister Mentor Lee Kuan Yew was present.

"We are developing a socialist market economy under the conditions of economic globalization, and this naturally means we should open ourselves to the world, build inter-dependent economic ties with other countries, gain close access to the international market and integrate ourselves into the world economy," he said.

The premier said China is committed to carrying out mutually beneficial cooperation on an equal basis with other countries in accordance with the law of the market.

Opening up not only benefits China''''s development, but also contributes to world development, he said.

Only on the basis of mutual benefit and win-win progress can opening up endure and be conducive to the fundamental interests of all peoples and peace and prosperity of the world, he added.

The premier said that the world today is an open one and no country can achieve development in isolation.

"We are working to build socialism with distinctive Chinese characteristics, and our fundamental objective is to boost productive forces and meet the increasing material and cultural needs of the people," Wen said.

"To meet this goal, we must remain committed to opening up while addressing issues arising in the course of domestic development and reform."

Wen said China will participate in economic globalization at a higher level and focus on addressing new issues in opening up.

"We favor free trade and oppose protectionism," he said, "We will speed up changing the mode of trade growth, improve trade mix and strive to reduce trade imbalances.

The Chinese premier said China is committed to the basic policy of introducing foreign capital and will develop innovative ways, optimize the structure and raise the efficiency of introducing foreign capital.

"We will continue to follow an independent, gradual and controllable approach in improving the Chinese yuan exchange rate mechanism, increasing its flexibility and gradually make the Chinese yuan convertible under the capital account," he said.

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