Vice-Premier Wu Meets Chairman of US Chamber of Commerce

Chinese Vice-Premier Wu Bangguo said in Xiamen on September 7 that maintaining a sound development of China-US relations, especially economic and trade relations, is very important to both countries.

Wu made the remark during a meeting with Steve Van Andel, chairman of the US Chamber of Commerce, and a US business delegation led by Van Andel. The US guests are here to attend the annual China International Investment and Trade Fair (CIFIT), which will begin Saturday in this coastal city in Fujian Province, east China.

The vice-premier expressed appreciation of the US Chamber of Commerce's role in promoting the healthy development of Sino-US relations and in helping solve the Permanent Normal Trading Relations (PNTR) issue.

It is of great importance to both countries to maintain a sound development of their trade and economic relations, Wu said.

Despite twists and turns, Sino-US relations, on the whole, continue to develop, Wu said.

Wu said US President George W. Bush's upcoming China visit is expected to promote bilateral relations.

He said he hopes the US Chamber of Commerce will continue to play its part in the political and business circles of the United States, and promote the healthy development of China-US relations.

China's upcoming entry into the World Trade Organization (WTO) will serve the common interests of China and the United States, and will mean a more open market and more business opportunities for US business circles, he said.

Wu briefed his guests on China's economy and its strategy to develop its vast western regions.

China has maintained a fast economic growth this year, which has created favorable conditions for strengthening Sino-US economic cooperation and trade, Wu said.

Van Andel said the US Chamber of Commerce has always been a firm supporter of US-China economic relations and trade. Enhanced bilateral trade and economic cooperation will strengthen bilateral ties, he said.

China's upcoming entry into the WTO will also increase investor 's confidence in China's market, Van Andel said.

Racehorses wait for WTO gate to open

World Trade Organization accession will mean big opportunities for China and the world economy, according to the chairman of the US Chamber of Commerce.

"I'm like an excited racehorse waiting for the gate to open,'' said Steve van Andel on the eve of the Fifth China International Fair for Foreign Trade.

The fair is being held from Saturday until September 12 in Xiamen in East China's Fujian Province.

Van Andel said that with a more open economic environment after accession, more and more foreign companies will be interested in investing and running businesses in the world's most populous country.

He dismissed speculation that after Beijing moves to reduce tariffs, many foreign businesses might cease to invest but opt to export directly to China.

"Many companies regard China not only as large potential market, but also as a big production base -- a key step in their international strategy,'' he said.

According to statistics from the Ministry of Foreign Trade and Economic Co-operation, the country has drawn more than US$100 billion in foreign direct investment in the past five years, ranking first among developing countries.

Van Andel praised China's decision to encourage investment in foreign countries, which has become a major theme of the fair.

"In the long term, businesses should not restrict themselves to one market, and it's good that Chinese businesses are encouraged to bring their expertise, products and capital to other markets and gain the benefits of globalization.''

Many Chinese companies have set up branches in order to take full advantage of the opportunities available, and the ministry has made the Go-Out strategy one of the two major topics of the fair.

The ministry will hold 12 seminars on investing overseas -- in the European Union, in the Gulf states and elsewhere.

Van Andel said Sino-American trade relations would continue to develop rapidly after accession.

"I hope China will soon become America's third largest trading partner,'' he said, instead of the fourth at the moment.

The US Chamber of Commerce will dispatch delegates to its 50-or-so local organizations in the United States to brief them on investment opportunities in China and to develop Sino-US trade relations this year, Van Andel said.

The volume of trade between the two countries reached US$124 billion last year.






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