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China Actively Participating in New Economy Competition
China is actively participating in the world's new economy competition in an effort to globalize its economy, said Shi Guangsheng, Chinese Minister of Foreign Trade and Economic Cooperation.
China closely follows the development of the "new economy" and will seize opportunities and face challenges that may arise, he said at the U.S. Asia Society's 11th Annual Corporate Conference. China is capable of entering the "new economy" because the country has the largest potential network market and its e- commerce has developed rapidly in recent years, said John Wang, chairman of the Beijing Everest E-Commerce and Network Service Co. Ltd.
Experts say that the new economy, based on network and technical creation, provides a rare opportunity for China to restructure its economy, and will also serve as a major stimulus for economic growth.
The number of China's internet users exceeds 10 million, and it is predicted that the figure will double in two years. By 2002, China is expected to become the largest internet market in the world, with new network and e-commerce companies emerging every day.
In Shanghai, the country's top industrial and commercial center, IT industry has grown 30 percent annually in recent years and its output value is expected to surpass 100 billion yuan this year.
Sources say that the Chinese government is formulating a series of policies and regulations to boost e-commerce and has set up venture investment mechanisms closely related with the new economy. All of China's traditional sectors such as automobile making, petroleum and textiles are now turning to e-commerce. Nicholas Platt, president of the U.S. Asia Society said that China should expand the application of high-technology and network technology to keep up with developed countries.
China is playing an increasingly important role in the global economy. Last year, China ranked ninth in the world in foreign trade volume. It is expected that in the next ten years, the country's gross domestic product will increase by 7 percent on an annual basis.
The new economy in China will have an impact not also on the country's economic growth but also on the global economy, Wang said.
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