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Economy to Be Mid-Developed in 50 Years China will become a moderately developed country in 50 years, a senior Chinese official said at the ongoing Fortune Forum September 28. Zeng Peiyan, minister in charge of the State Development Planning Commission, said in a speech that efforts will be made to consolidate the construction of basic facilities, spur technological advances and upgrade the industrial structure in the new century. The pace of agricultural modernization should be speeded up and efforts will also be made to develop the western region of China, and protect the environment, he said. China will further lower import taxes, introduce more advanced technology and equipment, and promote global economic cooperation, he said. Foreign investors are encouraged to invest in the sectors of infrastructure, basic industries, pillar industries, and high-tech and new industries, he added. The Chinese government will gradually open insurance, banking, retail and wholesale, telecommunications and other service sectors to overseas investors. China's gross domestic product has increased 5.4-fold since 1978 when the reform and opening-up drive was initiated. (Xinhua) |
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