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Wen addresses Summer Davos
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-- We will further deepen and broaden opening-up. Opening-up also means reform. Only an open and inclusive country can prosper.China's opening-up is long-term and all-directional that benefits all. We will stick to all those policies that facilitate opening-up. We will keep learning from and drawing upon all the achievements of human civilization. We will take an active part in economic globalization, promote the establishment of a just and equitable international trade system and financial regime. We will firmly support the efforts to achieve early and balanced results at the Doha Round negotiations and improve the norms governing international trade, push forward trade and investment liberalization and facilitation, and continue to play a constructive role in the multilateral trading system. We will deepen the foreign-related economic structural reform, improve foreign-related economic laws, regulations and policies, expand market access, strengthen the protection of intellectual property rights and provide a better environment for foreign businesse in China. With a better system, a dynamic society, sustained and steady development and greater openness, China will not only bring more benefits to the 1.3 billion Chinese people, but also make greater contribution to world peace and development.

Ladies and Gentlemen,

As I said earlier in the year, 2008 could be the most difficult year for China's economy. We experienced heavy snow and sleet storms and the devastating earthquake and faced a complex and changing situation both at home and abroad. Yet, we have overcome difficulties one after another and maintained the momentum of steady and fast economic growth. In the first six months, the GDP grew by 10.4% over the corresponding period of last year. Agriculture has enjoyed good development and summer crops have registered five consecutive years of increase. The demands for investment, consumption and export are growing in a more balanced way, and there is better coordination in economic development. With accelerated adjustment in the industrial structure, marked progress in energy conservation and emission reduction, and fairly rapid increase in fiscal revenue and business profits, the quality and efficiency of development have been further enhanced. More jobs have been created in urban areas, and urban and rural income continues to grow. The consumer price index has been coming down in recent months. In short, the economic fundamentals in China remain unchanged and the economy is moving in the direction envisaged in the macro-economic control policy.

I know you are interested in whether the Chinese economy will be able to maintain steady and fast growth. Let me share with you my observations. We do face considerable difficulties. First, the world economic environment is getting tougher and more complex, with exacerbated financial volatility and notable economic slowdown. Second, pressure for domestic price rises remains high. The foundation of agriculture is still weak. The constraint on development posed by energy and resources is serious. Some industries and businesses are having difficulties with production and management, while hidden problems still exist in the financial sector. However, all these are difficulties that have occurred in the course of our development. There are many favorable conditions for China to maintain sustained and fast growth. China is in the stage of rapid industrialization and urbanization and has huge potential for economic growth. The important period of strategic opportunities for China's development will last quite a long time.There is abundant supply of labor and capital as well as huge potential of increased domestic consumption and investment demands. China's market is vast and its enterprises are becoming more competitive and dynamic. Our ability and level of macro-economic control continue to improve through practice. China enjoys political and social stability. In the course of reform and opening-up, we have formulated guidelines, strategies and principles that meet our national conditions and the will of the people. All of these factors will have a long-term impact. In addition, peace and development remain the main trend of the world today, and the international environment as a whole is favorable to China's development. We have full confidence and capability to overcome various difficulties to ensure sound and fast growth of the national economy for an even longer period of time.

The host city of this Forum, Tianjin, is the birthplace of China's modern industry and one of the earliest cities opening to the outside world. It is also an international port city. To develop and open up Tianjin's Binhai New Area is part of China's overall national development strategy and will become a new growthpoint in China. Many of you are from growing enterprises that are most dynamic, competitive and full of development potential. You are welcome to invest in China, to start businesses in Tianjin and to seize the opportunity and pursue greater development. In conclusion, I sincerely wish this Forum full success!

Thank you!  

(Xinhua News Agency September 27, 2008)

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