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China bases on domestic demand

(Xinhua)
Updated: 2006-09-09 09:20

Domestic demand of 1.3 billion consumers is the driving force of China's economic growth, Chinese Finance Minister Jin Renqing told Xinhua on Friday.

The Chinese government has taken series of measures, including changing economic growth modes, adjusting economic structures, and increasing income of residents, promoting social security, and speeding up public service reforms, Jin said after the 13th APEC (Asia-Pacific Economic Cooperation) Finance Ministers' Meeting concluded in Hanoi Friday.

China bases on and regards domestic demand as a basic motive for economic development, he said, adding that China also bases on residents' demand to mobilize resources for its development.

During its economic development process, China has paid attention to attracting foreign investment and bolstering multilateral financial and monetary exchange, he said, stating that opening up and attracting foreign investment is China's unchanged long-term motto.

China should lure more foreign investment as well as increase the efficiency of its usage to grab managerial expertise and technologies, and boost the upgrading of the country's sectors, he said, adding it should also entice foreign investment to develop its labor-intensive industries.

Bilateral financial and monetary exchange and cooperation is a foundation for the development of bilateral cooperation, and interactive effect of macroeconomic policies of countries is more and more increasing, therefore, strengthening policy dialogues and beefing up financial and monetary cooperation is very important, he said.

The Chinese government is willing to establish fine bilateral cooperation relations with others in the APEC region, jointly contributing to the development of global economy and the construction of a harmonious world, he said.

At the two-day ministerial meeting, APEC finance ministers reaffirmed their relevant commitments and put forth measures to jointly secure stable and efficient revenue sources, and develop robust and sound financial services sectors.

Since its inception in 1989, the 21-member APEC, which gathers some of the world's large economies, including China, the United States, Russia, Japan, Singapore and Vietnam, has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, create efficient domestic economies, and dramatically increase exports.