Shanghai, China, October 18, 2001

Ladies and Gentlemen,

In this golden autumn season of October, the APEC CEO Summit 2001 solemnly opens in Shanghai today. On behalf of the Chinese Government, I wish to warmly welcome all of you to Shanghai, China and also to offer cordial congratulations on the opening of APEC CEO Summit 2001.

In every APEC CEO Summit, many business leaders across the Asia-Pacific would gather together to discuss the immediate economic issues facing the Asia-Pacific region and even the world, explore development strategies for enterprises, seek better mutual understanding and make joint efforts to build the framework of cooperation. The discussion at the CEO Summit gives expression to the rich experience, wisdom and creativity of its participants. They have become a treasure house of all entrepreneurs and caught the attention of senior leaders and governments of APEC economies.

As a result of their productive efforts, business leaders in the Asia-Pacific region have not only contributed significantly to the economic prosperity and people's well-being in this region but also become an important force pushing forward economic cooperation in the Asia-Pacific region and the world at large. It is fair to say that the APEC CEO Summit has set up a platform for communication and cooperation, which gives expression to the long-held APEC spirit of equality and cooperation. Today, the elite of the Asia-Pacific business community meet once again in Shanghai to express their views and discuss major issues under the theme of "New Century, New Economy: Developing in Globalizing World". Chinese President Jiang Zemin and many leaders from other member economies will address the Summit. This will be an occasion under the new situation for important communication and exchanges between entrepreneurs as well as between entrepreneurs and governments. It will help increase cooperation between enterprises in the Asia-Pacific region as well as strengthen relations between the enterprises and governments.

In the new century, the trend towards economic globalization has grown stronger. The New Economy has developed at an extraordinary speed. The economic situation in the Asia-Pacific region has undergone many changes. We need to think about ways to cope with these new developments. There is no denying that economic globalization has triggered more fierce market competition worldwide. As major players in economic activities and technological innovation, enterprises are obviously under pressure from competition. However, a wider range of competition implies a wider range of cooperation at the same time. We stand for cooperation amidst competition, common development through cooperation and economic prosperity from common development, which will eventually lead to a better life for all people together.

For enterprises from different APEC economies, it is entirely possible for them to bring into play their respective comparative advantages, boost inter-regional economic and technological cooperation, optimize the allocation of resources in a wider scope and on a greater scale and achieve an all-win outcome while seeking to maximize their profits. I am confident that this Summit will help the entrepreneurs from APEC economies to unite as one, pool their wisdom and efforts, and together face the grim challenge posed by the visible slowdown of world economic growth as well as the impact on world and regional economies resulting from the 11 September terrorist attack. It will help them to explore modalities for the growth and development of enterprises in the new situation, look for ways to rejuvenate the Asia-Pacific economy and contribute their due share to stabilizing the economic situation in the Asia-Pacific and the world as a whole.

China values its friendly cooperation with other APEC economies. They are China's important partners in economic cooperation and trade. In 2000, the trade volume between China and other APEC economies reached over US$340 billion, and newly-approved introduction of foreign capital from them exceeded US$30 billion, both accounting for more than 70% of China's total foreign trade and absorbed foreign capital. China also encourages viable Chinese enterprises to invest and do business abroad and to take an active part in international competition and cooperation. Moreover, China's overseas investment has been concentrated mainly in APEC regions.

At present, China's accession to the WTO is imminent. The Chinese market and the world market will be more closely integrated. China's economic development will also depend more on its economic exchanges and cooperation with other countries and regions in the world, especially the Asia-Pacific region. An open China cannot do without the world. After its entry into the WTO, China will honor its commitments and more vigorously advance its all-directional, multi-tiered and wide-ranging opening-up. China will further open up its domestic market, increase open areas and localities, take well-measured steps to open wider in such service sectors as finance, insurance, telecom, trade and tourism and actively explore new approaches and ways to utilize foreign capital. China which is at a new historic starting point faces unprecedented opportunities for trade and investment. Here, we sincerely welcome enterprises from various economies to China to grasp business opportunity and seek even greater progress.

In retrospect over the 20th century, the Asia-Pacific region achieved remarkable economic growth. Although the growth has slowed down due to difficulties in recent years, I am sure that in the 21st century, through persistent efforts of all APEC members, the economy of the Asia-Pacific region will regain its vitality and the life of people in the region further improved. The new century and new economy are bound to bring to people new hope.

I wish the APEC CEO Summit a complete success.

Thank you all.