Chinese President Jiang Zemin on Wednesday attended a welcoming luncheon held in London in his honor by the China-Britain Business Council.

　　　Speaking at the luncheon, President Jiang Zemin gave an account of the economic situation in China, saying China's economy on the whole is doing well and, despite the Asian financial crisis in 1997 and last year's disastrous flooding rarely seen in China's history, "we have still been able to maintain stable economic growth thanks to the series of strong measures we have adopted."

　　　The GDP of China grew by 7.6 percent in the first half of this year, and the objective of a 7 percent economic growth rate projected for this year can be attained, said the president, who arrived in London on Monday on the first visit to Britain by a Chinese head of state.

　　　In the speech, Jiang expounded China's stance on entering the World Trade Organization, saying: "China has all along taken a positive approach towards joining the WTO and has been working for 13 years to this end. Its position is both consistent and clear-cut."

　　　"China needs to join the WTO for its own economic development and reform and opening-up. Likewise, the WTO needs China," the president said. "Without the participation of China with its 1.2 billion people, the WTO cannot be a complete world organization, nor will the situation be conducive to global economic growth."

　　　But China is still a developing country and its social productive forces are yet to be developed, he said. "So, it can join the WTO only on terms for a developing country."

　　　Jiang spoke highly of the economic relations and trade between China and the United Kingdom. He noted Britain is the second largest trading partner of China among the European Union countries and also the biggest EU investor in China.

　　　"The steady development of our economic cooperation and trade has brought substantial benefits to both sides. Our economic cooperation and trade still have immense potentials that we should continue to tap," the president said.

　　　Addressing the luncheon, which was attended by leading business figures in Britain, Charles Powell, chairman of the China-Britain Business Council, called President Jiang's visit a "milestone" for the development of Sino-British relations.

　　　Chinese Vice-premier Qian Qichen and other members of Jiang's entourage also attended the luncheon.