China should accelerate reform and provide a better legal system as the economy soars into the new century.

More than 150 Chinese and overseas experts gathered in Haikou, capital city of China's southern island province of Hainan, for a two-day International Forum on China's economic reform in the early 21st century.

Experts believe that current reforms of State-owned enterprises is pivotal to the future of the Chinese economy. Reforms of the country's financial systems should be accelerated as well as the opening of China's western regions.

Reforms should also be carried out within the legal profession that look after overseas businesses while the campaign of revitalizing the country through science, technology and education should be continued.

These experts were from the World Bank, The United Nations Development Program, The Asian Foundation, the United States, Britain, Germany, Singapore, Canada, Hungary, Australia and Poland. They discussed a number of issues including economic globalization, reform in China in the early 21st century and the growth of private businesses during China's 10th Five-Year Plan ( 2001-2005) period.