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China's Growth Benefits World Economy

Chinese President Hu Jintao said in Bangkok Sunday that China's reform and opening up and its economic growth present win-win outcomes and mutual benefit for the whole world.

Answering questions at the ongoing CEO Summit of the Asia-Pacific Economic Cooperation (APEC) forum, Hu said China's opening up has won the country broader room for development, and has made it possible for China to acquire the important resources of capital, technology and managerial expertise.

"But at the same time, our 1.3 billion people also represent a tremendous market that we have to offer to the rest of the world. And China also offers much business opportunity to the multinationals in the whole world," he added.

The question-and-answer session followed a keynote address delivered by the Chinese president at the APEC CEO Summit.

"China will continue to take an active part in global and regional economic cooperation, faithfully play by WTO rules and live up to our WTO commitment," the Chinese president said.

He expressed the confidence that "a China that is going for reform and opening up and an economically growing China will always be a positive force for stable development of the economies of Asia Pacific and the world beyond."

About 1,000 representatives and business leaders of APEC member economies were present at Hu's address, which covered the valuation of the Chinese Renminbi yuan, the situation of China's economic growth, economic and technical cooperation among APEC members, and reviving the stalled multilateral talks of the Doha Round under the World Trade Organization.

Hu stressed that a stable Renminbi yuan serves the sound operation of China's economy and conforms to the requirements for economic development in Asia and the whole world.

He said China would maintain the basic stability of the Chinese currency RMB at a reasonable and balanced level, and take further steps to improve the rate-forming mechanism of RMB amid deepened financial reform.

"China follows a market-based, single and managed floating exchange rate system, which is consistent with the current status of China's economy, its level of financial regulation and the sustainability of its enterprises."

On China's economic performance, Hu said the country's target of a 7 percent GDP growth set for this year "is well within reach."

"China's economy remains in good shape with a strong momentum for expansion," Hu said.

The Chinese president, who will attend the 11th APEC Economic Leaders' Meeting scheduled here for Monday and Tuesday, urged member economies of APEC to strengthen their economic and technical cooperation to help turn potential markets into real ones.

"We should vigorously strengthen APEC economic and technical cooperation, for it contributes to faster economic growth of the developing members and helps them to turn their potential market into a real one," Hu said.

"It also benefits the developed members by securing them even greater market access, leading in the end to the achievement of common development and common prosperity of all members," he added.

Hu said that APEC can play a positive role in restarting the stalled multilateral trade talks of the Doha Round by keeping the forum's goals set in Bogor, Indonesia, 1994, of establishing free trade between its developed economies by 2010 and its developing members by 2020.

"Though the Doha round of WTO talks suffered some setbacks, so long as all parties persist in consultation on an equal footing in the spirit of seeking common ground while shelving differences, it will be successful in the end," the Chinese president said.

(Xinhua News Agency October 19, 2003)

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