President Hu Jintao delivers his keynote speech at the annual conference
of 2004 Bo'ao Forum for Asia.
By Duan Ruolan
President Hu Jintao said China's economy will generate
important opportunities for Asia in his keynote speech at the annual conference
of 2004 Bo'ao Forum for Asia, the only non-government international organization
in Asia that fosters economic co-operation in the Asia-Pacific region
on April 24.
Hu said, being the world's third largest importer and the second largest
economy in Asia, China has maintained a sustainable average annual economic
growth rate of 9.4 per cent over the past 25 years.
"we will quadruple the 2000 GDP to US$4 trillion with a per capita
GDP of US$3,000, and further develop the economy, improve democracy, advance
science and education, enrich culture, foster greater social harmony and
upgrade the texture of life for the people," said Hu.
According to Hu, in 2003 China has imported a total of US$272.9 billion
from Asian countries and regions, an increase of 42.2 per cent compared
with the previous year.
In recent years, China's direct investment in Asian countries and regions
has been kept an average annual growth of 20 per cent.
Hu said, as China's market scope and investment in foreign countries are
growing, more Chinese will conduct businesses and visit the rest of Asia
and "China's economy will integrate still more closely with the Asian
economy, giving rise to a new type of partnership characterized by mutual
benefits and mutual assistance."
However, Hu acknowledged many acute problems including overpopulation
and underdeveloped productivity.
More than 1,000 people from political and business circles and scholars
from 35 counties and regions attended the two-day third annual conference,
held on April 24-25, to discuss closer collaboration among Asian countries
and the rest of the world.
Long Yongtu, secretary-general of the forum said in the world manufacturing
chain, China is an important part yet is far away from a world factory
and it will be wise to call the country a workshop.
Currently, most the global's top 500 giants have set up factories in China.
Multinationals showed greater confidence in China since it has improved
trade and investment environment after its WTO entry.
Market is the propeller for the global industries to flood into China.
For investors, the greatest incentive lies on their consensus that they
make money in China, said Long.
"I believe China will maintain a high speed of economy growth for
20 or 30 more years," said Long.
According to Long, China has huge domestic demands remained to be discovered.
China's 120 million rural redundant laborers, twice the population of
France, can nurse new style of consumption and will pose numerous demands
for education and houses on their immigration into the urban areas.
Event organizers said countries such as Saudi Arabia, Yemen, Mexico,
the United Kingdom, Cuba and Sweden have showed strong interests
in the "go global" activity and expressed their intention
to bring investment projects to the fair.
Liu Yajun, director of the ministry's investment promotional affairs
bureau, advised the event organizers to contact the UFI, the global
association of the exhibition industry based in Paris, to obtain
its certification. This is expected to help promote CIFIT's position
as an authoritative international exposition.
The Ministry of Commerce, which oversees the country's trade and
investment activities, has initially approved 20 seminars and forums
during the 8th CIFIT, including the China International Investment
Forum, two news conferences, nine seminars relating to foreign investment
in China and eight seminars relating to "go global" investment
By Hu Meidong
The sponsor for the 8th China International Fair of Investment
and Trade (CIFIT), the Ministry of Commerce will give full support
to the forthcoming fair scheduled to be held from September 8 to
13 in Xiamen, Fujian Province, said officials with the ministry.
Xiamen officials travelled to Beijing to report on their preparations
for the event to the ministry. They were led by Li Xiaoshu, vice-director
of the Xiamen subcouncil of the China Council for the Promotion
of International Trade, organizer of the fair..
After hearing their report, Hu Jingyan, director of the ministry's
foreign investment department, said the CIFIT should pay attention
to the State's programme to revitalize the traditional industrial
bases in Northeast China.
He said the exhibition areas for the three provinces in Northeast
China should be placed together to attract the attention of international
He asked that a special exhibition venue be set up to showcase investment
and co-operation projects from Northeast China.
Considering the revitalization of traditional industrial bases will
involve the disposal of non-performing assets and equity transactions,
Hu said, China's four major asset management companies should be
invited to take part in related activities.
Wu Xilin, vice-director of the ministry's co-operation department,
said this year's CIFIT should focus on Chinese companies that "go
global" and invest on foreign countries and regions. He urged
event organizers to collect more information on overseas investment
He also called on China's overseas investment promotional organizations
to arrange overseas investment seekers to attend the fair, helping
them contact with potential Chinese investors.