The Asia-Pacific region will be the most direct beneficiary from China's development, said Vice Premier Wu Yi recently at the opening ceremony of the 37th International General Meeting of the Pacific Basin Economic Council (PBEC).
  "As an important member of the Asia-Pacific region, China's development will promote the world's peace and development, offering a good opportunity for the region as well as the whole world," said Wu.
Due to the nation's reform and opening up these years, China has built an initial market economy system, and is headed for a more dynamic and open future, she said.
"After joining the World Trade Organization, China has been more actively committed to economic globalization and hopes to build co-operative relations with Asia-Pacific countries and regions featuring mutual benefit, assistance and complementariness."
She said she believed that the 2008 Beijing Olympic Games and the 2010 World Expo in Shanghai will create new opportunities for business people all over the world.
Statistics show that the nation's average annual growth rate of import has stayed above 15 per cent during the past 25 years.
China has become the third biggest import market in the world and top in Asia.
In the past three years, China's total import volume has increased by US$160 billion, among which two thirds comes from the Asia-Pacific region.
At the same time, China's direct investment volume flowing into Asian countries and regions has risen by 20 per cent annually. Last year, the nation's import volume in Asia reached US$272.9 billion with an increase of 42.4 per cent compared with 2002.
When commenting on the Renminbi exchange ratethat has recently concernedforeign governments, Wu said the current floating exchange rate system for the Renminbi benefits the nation's economic development situation, financial supervision level and sustainable ability of Chinese enterprises.
"A stable Renminbi exchange rate not only benefits stability of China's finance and economy but economy of the Asia-Pacific region and even the whole world."
Wu also pointed that with a strong economic growing trend, the Asia-Pacific region has become the most dynamic and potential region in the world. However, the region is still facing numerous problems in fields such as economic and financial systems, the environment, resource supply and competency in the international market.
"The Asia-Pacific countries and regions should strengthen exchanges and collaboration and seek more business opportunities," she said.
Wu suggested all economies should enhance mutual trust and create a political environment of peaceful coexistence.
She urged that economic and scientific co-operation should be strengthened. She said regional economic integration should be pushed andcollaboration with different free trade organizations and activities should be encouraged including the Asia-Pacific Economic Co-operation, Shanghai Co-operation Organization, Asian Co-operation Dialogue and "10--3" -- ten countries from Association of Southeast Asian Nations, China, Japan and Republic of Korea.
In addition, Wu said Asian countries should strive to build a stable regional environment and maintain peace and stability in the region.
At the opening ceremony, Wu also praised the role that PBEC has played in pushing free trade and international and regional economic co-operation as a regional non-governmental economic organization.
Carrying the theme as "promoting changes: a new role for business in the Asia-Pacific", the PBEC meeting this year was the first held on the mainland.
The PBEC, with its secretariat in Hong Kong, is an international private-sector organization. China joined the PBEC in 1994.
Its objectives are to create new business relationships and increase trade and investment through free markets and open investment policies.

With full support of the nation's governments at all levels,, the forthcoming Eighth China International Fair for Investment and Trade (CIFIT) is expected this year to improve on the last seven sessions, a senior official said.
The Chinese government has sought tohelp China's businesses make their presence felt in the world market and at the same time attract foreign investment to China, said Vice-Minister of Commerce Ma Xiuhong at CIFIT's Second Preparatory meeting recently held in Lanzhou, Northwest China's Gansu Province.
"Chinese enterprises should develop themselves not only at home but abroad, which will greatly encourage international investment," Ma said.
With the two combined themes, new energy and content will be injected into the Eighth CIFIT, scheduled to be held from September 8 to 11 in Xiamen, East China's Fujian Province, she said.
"We are trying to develop the CIFIT into an international investment fair."
Sponsored by the Ministry of Commerce, the Eighth CIFIT will be also highlighted by events promoting the revitalization of Northeast China's traditional industrial bases and the nation's massive western development programme.
In the meeting, Ma urgedparticipants to take advantage of networking opportunities.
According to Ma, the flow of foreign investment into China has grown during the first half of this year, which will also benefit the CIFIT in introducing more foreign investment.
Statistics show that over the period, the nation's contractual foreign investment reached US$72.7 billion with an increase of 42.66 per cent over the same period last year. Actual foreign investment exceeded US$33.88 billion, up by 11.99 per cent.
Also within the same period, 21,688 new foreign invested enterprises were founded, increasing by 14.89 per cent. The figure is fairly high compared with the past few years.
"Due to China's rapid economic development, China has become one of the most attractive regions in the world for drawing international investment," she said.
In addition, the Closer Economic Partnership Arrangement allows businesses in Hong Kong and Macao to tap the vast opportunities in the mainland market.
With the revived global economy and adjustments in the world'sindustrial structure, a new surge is expected to show up in multi-national direct investment, according to the World Investment Report issued by United Nations Conference on Trade and Development.
"So, one great challenge we are confronted with is whether China can remain competent internationally while introducing foreign investment, which requires the great effort of all the relevant units," Ma said.
With much attention paid by the Ministry of Commerce, so far, the preparatory work for the coming CIFIT has been going smoothly, according to officials with the fair's organizing committee.

  Having participated in the China International Fair for Investment and Trade(CIFIT) for six straight years the United Kingdom again plans to send a delegation to atttend the upcoming Eighth CIFIT

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  Vincent Cheng,Vice-Chairman and Chief Executive of Hang Seng Bank airs his view on what kind of role Hong Kong will play when the Chinese mainland reforms its financial system and how to define such a role

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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