President Hu Jintao delivers his keynote speech at the annual conference of 2004 Bo'ao Forum for Asia.

By Duan Ruolan
Express staff

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 activities.

By Hu Meidong
Express staff

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 investors.
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 projects.
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.

Leaders of East China's Fujian Province, have raised new requirements for the preparatory work of the 8th China International Fair for Investment and Trade (CIFIT).

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China¡¯and the United Stated wound up their latest session of the China-US Joint Commission on Commerce and Trade(JCCT) in Washington last month

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With great expectations, Sweden is going to send a larger delegation to attend the 8th China Iternational Fair for Investment and TradeA(CIFIT).

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Editorial Department of international Investment Express Tel: 86-591-780 6619 Fax: 86-591-780 6617
Organizing Committee of China International Fair for investment and rade Tel: 86-592-506 8420,514 6205 E-mail: 98xiamen