Chinese Vice President Hu Jintao said here on Monday that opening
up to the outside world is China' s basic and long-term state
policy and once joining the World Trade Organization (WTO), China
will earnestly fulfill its rights and obligations and play its due
part in promoting economic development and trade around the world.
In
a speech delivered at a banquet hosted by the China-Britain
Business Council, Hu, who arrived in Britain on Sunday for an
official visit, said that while taking an active part in economic
globalization, China has worked hard to carry out international
economic cooperation in great scope and depth.
"Our 15 years of negotiations for WTO membership are an important
part of such efforts," Hu said.
The Chinese vice president also thanked the British government and
the business community for their support to China in its bid to
join the WTO. He told British businessmen and entrepreneurs that
China is committed to opening wider to the outside world in an
all-directional and multi-tiered way, with an even more active
approach.
"Such sectors as finance, insurance, telecommunications, trade,
commerce, transportation, construction, tourism and intermediary
services will be open gradually to foreign investors," Hu said. "
China will vigorously seek new ways and new channels to attract
foreign capital and allow foreign investors to set up equity or
contractual joint ventures or solely owned businesses in accordance
with China's law and regulations."
Hu
said that while making more areas gradually available for
opening-up, China will adopt open, transparent and equality-based
policies on trade and investment, continue to improve the
environment for investment and business cooperation, encourage fair
competition, offer national treatment so as to increase investor
confidence and predictability in China.
On
China's economic development, Hu said that China has made
remarkable progress in the past few decades, particularly since the
beginning of reform and opening-up over two decades ago. A
socialist market economic system has been basically set up in China
and an all-directional opening-up pattern has taken initial
shape.
He
noted that China's economy has managed to grow fairly rapidly in
recent years. In 2000, China's GDP (gross domestic product) topped
1 trillion U.S. dollars, ranking sixth in the world, and its
foreign trade reached 474.3 billion dollars, he said, adding that
China has attracted more foreign investment than any other
developing country for eight consecutive years and the Chinese
people, on the whole, are now living a comparatively well- off
life.
The Chinese vice president said that with continued economic and
social development, the enormous potential of the Chinese market
will be further tapped.
He
said that in the coming five years, China will import about 1.4
trillion dollars worth of equipment and technologies, build 10, 000
kilometers of highway, increase the power generation capacity by
52,000 megawatts, and increase the recoverable reserve of crude oil
by 95 million tons and that of natural gas by 37 billion cubic
meters. The number of telephone subscribers will grow from 280
million to 500 million and that of Internet users to 200
million.
Hu
told his audience that the promising Chinese market will offer even
more business opportunities to foreign investors and that business
people in Britain are most welcome to be part of China's
modernization drive.
Britain is the second leg of Hu's five-nation European tour, which
has already taken him to Russia. Hu will also visit France, Spain
and Germany.
(
Xinhua News
Agency October 30, 2001)