China to Stick to Opening-up Policy, Jiang

President Jiang Zemin said Tuesday evening in Hong Kong that opening-up to the outside world is a major decision China has made to advance its modernization drive and also its long-term basic state policy.

"The Chinese government will unswervingly implement the opening-up policy," and "more vigorously promote all-directional, multi-tiered and wide-range opening-up and take part in international economic cooperation and competition at a greater width and depth," Jiang told an audience of over 700 political and business leaders attending the Fortune Global Forum that opened Tuesday.

China's efforts to open to the outside world over the past 20 years and more have made it the seventh largest trading nation in the world, and for eight years in a row, China has attracted more foreign capital than any other developing countries. It has also engaged in extensive economic and technological exchanges and cooperation with other countries and regions, he said.

This has not only boosted China's economic and social development, but also created favorable conditions for companies from other parts of the world to seek business opportunities and conduct cooperation in China, he added.

Jiang promised China will continue to develop foreign trade vigorously, stick to the policy of making active, rational and effective use of capital, phase-in the liberalization of such service sectors as banking, insurance, telecommunications and trade, work hard on e-commerce, and take an active part in the multilateral trading system as well as regional and international economic cooperation.

He said China's gross domestic product is expected to reach 12. 5 trillion yuan (about 1.5 trillion U.S. dollars) by the year 2005. From 2001 to 2005, he said, China may import 1.4 trillion U.S. dollars worth of equipment, technologies and products.

"China's development will present huge business opportunities to business communities of other countries," the president said, adding that China welcomes overseas business people to increase their investment in China, launch new investment projects and establish long-term stable cooperation ties with China.

Stance on WTO Entry Remains Unchanged

China's stance on its entry into the World Trade Organization (WTO) remains the same after 15 years of negotiations, President Jiang said Tuesday evening at the Fortune Global Forum 2001.

"Following its entry into the organization, China will steadily expand its opening-up program in terms of commodity and service trade, create a level playing field for a fair and transparent competition between Chinese and overseas enterprises," he said.

China will also establish and improve a foreign trade regime that is consistent with international practice and that suits China's own national conditions, and provides overseas enterprises with more and stable access to the Chinese market so as to facilitate economic cooperation and trade with other countries, Jiang told his audience of over 700 political and business leaders from around the world.

The Chinese president expressed the belief that China's entry into the WTO will instill new vitality into the economic growth of China as well as other countries and regions in Asia and beyond.

"The Chinese people will benefit from it, and so will the people of other countries in Asia and the world," he said.

WTO Membership to Benefit All

President Jiang Zemin

urged the developed countries concerned to fully understand that China's entry into the World Trade Organization (WTO) at an early date will benefit all parties and bring the negotiations with China to an end as soon as possible.

It is the consistent attitude and stance of the Chinese government that China must become a WTO member as a developing country. And this is a principle, Jiang said at a meeting with some leading entrepreneurs in the world and representatives from Hong Kong's business circles who are here attending the Fortune Global Forum.

Jiang said negotiations on China's entry into the WTO have been going on for 15 years, and there still exist some differences in the multilateral negotiations. China has been keeping contacts and exchanges with relevant parties in order to resolve these issues.

He noted that China's accession to the WTO will promote the economic development in the Hong Kong Special Administrative Region (SAR).

Backed by an inland area that opens wider to the outside world and enjoys a more dynamic economy after China enters the WTO, Hong Kong will strengthen its position as an international financial, trade and shipping center, Jiang said.

Hong Kong enterprises will be provided with more opportunities to enter the mainland market and benefit more in the wake of China's accession to the WTO as China will open wider to the outside world, both sectorwise and geographically, and the economic ties between the mainland and Hong Kong will become even closer, the president said.

Jiang said that China has had a good start for its Tenth Five-Year Plan which begins this year, with its GDP growing by 8.1 percent year on year in the first quarter of the year. This is in sharp contrast to the slowdown of the world economy. he added.

He said China has successfully fulfilled its Ninth Five-Year Plan (1996-2000), initially established a socialist market economic system, improved the state's macro-economic control system, further pushed forward its opening-up drive, and scored notable growth in foreign trade and the use of foreign capital.

China will keep a sound, steady and sustained economic growth in the new century, Jiang noted.

Asia's Development Concerns Regional, World Prosperity

President Jiang Zemin said Tuesday evening in Hong Kong that the development of Asia, the largest continent on earth, bears on the development and prosperity of all countries and regions not only in this continent but also worldwide.

In his keynote address at the dinner for the opening of the Fortune Global Forum 2001, Jiang said the Asian people scored remarkable achievements in their unyielding struggle for national independence and development in the past century, and economic globalization has brought to them "both new opportunities and challenges for further development."

The Chinese president said economic globalization will benefit the 49 countries and regions in Asia, most of them being developing economies, as it will facilitate their access to more capital, especially direct investment from multinationals, for further economic development and restructuring.

Economic globalization will also help Asian economies acquire and exploit new markets, develop foreign trade and economic cooperation, and acquire advanced technologies and management expertise more quickly, Jiang said.

He cautioned, however, economic globalization is "a double-edge sword" which has made developing countries "more vulnerable to the impact of external economic turmoil and financial crises, as evidenced by the grave impact of the Asian financial crisis of the late 1990s on some Asian countries and regions."

Jiang also pointed out that there also exist in Asia's economic development some problems such as irrationality in the economic structure of some countries and regions, their low level in science and technology, inadequacy in the financial system to ward off risks, and heavy dependence on external economies.

However, he noted Asian countries and regions are vigorously restructuring their economies, enhancing their respective development capacities, improving their environment for investment, and preparing themselves against possible financial risks.

They are also strengthening regional economic and technological cooperation and working for a sound development of a multilateral trade regime so that they may complement one another, Jiang said.

The Chinese president expressed his belief that Asia, which is still the most dynamic region in the world economically, will surely make a greater contribution to world peace and development in the new century as long as it gives full play to its advantages.

Policy Towards HKSAR

Jiang reiterated that it is the long-term basic state policy of the Chinese government to implement the principles of "one country, two systems," "Hong Kong people administering Hong Kong," and a high degree of autonomy.

"The Chinese government will never waver in or change this policy come what may," Jiang said at the Fortune Global Forum held at the Hong Kong Convention and Exhibition Center, where he declared Hong Kong's return to China in 1997.

The president said since its return, Hong Kong has been comprehensively implementing these principles and its Basic Law. The central government has faithfully observed the Basic Law, firmly supported the chief executive and the government of the Hong Kong Special Administrative Region (HKSAR) in their work, and has never intervened in the affairs that are under the autonomy of the HKSAR.

Facts have proved that the HKSAR government with Tung Chee Haw as its chief executive has the wisdom and capabilities to cope with complicated situations and that Hong Kong people can manage Hong Kong well, Jiang said.

"The mainland has been and will always be the strong backing behind a stable and prosperous Hong Kong," the president promised, expressing the belief that the Hong Kong economy is bound to have an even broader prospect for development as the mainland will continue to enjoy a sustained, rapid and sound economic development and Hong Kong will continue to improve its economic system and maintain and strengthen its important role as a bridge between the mainland and the world market.

Global Cooperation for Peace, Development

The President called on people across the world to join hands in advancing the lofty cause of peace and development of mankind, saying that a peaceful environment is indispensable for national, regional and even global development.

The international situation in today's world is, on the whole, moving towards relaxation, Jiang said at the Fortune Global Forum which opened Tuesday at the new wing of the Hong Kong Convention and Exhibition Center.

However, he pointed out, conflicts and even local wars triggered by various factors have kept cropping up, and tension still remains in some areas. All this has impeded the economic development of the countries and regions concerned, and has also adversely affected the world economy.

The president blamed a few interest groups for always wanting to seek gains by creating tension here and there. "This is against the will of the majority of the people and against the trend of the times."

Jiang also called on all responsible statesmen and governments to abide by the purposes of the UN Charter and the universally acknowledged norms governing international relations, and work for a universal, lasting and comprehensive peace.

"Nobody should be allowed to cause tension or armed conflicts against the interests of the people," he said.






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