| 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.
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