An open China to benefit all
By Dai Yan
Updated: 2004-09-11 08:57

China's economic growth is inextricably linked to the development of the global economy, officials and experts attending a forum agreed on Friday.

Vice-Premier Huang Ju said China and the rest of the world cannot develop separately.

"The internationalization process of the Chinese economy has begun to interact with globalization," Huang said when addressing the International Forum on the Common Development of China's Economy and the World Economy.

The forum was jointly held by the Ministry of Commerce, the United Nations Conference on Trade and Development (UNCTAD) and Renmin University of China.

As a powerhouse of the world economy, a more prosperous and open China will not only benefit the Chinese people, but also provide other countries with enormous investment opportunities and a huge market, said Huang.

China imported US$41.28 billion worth of goods last year, ranking it the world's third largest importer after the United States and Germany.

China's imports are expected to reach US$1 trillion by the year 2010, according to Chinese Minister of Commerce Bo Xilai.

He said imports will reach US$500 billion this year.

But, said Bo, China could not have achieved the level of economic development it has over the past 25 years without the outside world, while for its part, China's economic miracle is "bringing opportunities" to the world.

China's imports increased by an average 15 per cent over the past 25 years, bringing their total value to US$3 trillion.

Bo said China's prosperity also generated profitable opportunities for foreign investors.

More than 400 of the world's top 500 multinationals have invested in China, and all of the world top car-makers have entered the country.

Besides contributing a huge market, China is expected to draw more investment from outside, Bo said.

He quoted analysis by the UNCTAD which predicts China will become the fifth largest source of direct investment this year.

China's overseas investment reached US$33 billion last year, the minister added.

Rubens Ricupero, secretary-general of the UNCTAD, said China is emerging as an important engine for the world economy.

He said the UNCTAD is expected to publish a report on how the world economy is driven by China and the United States.

China has reshaped global and regional trade patterns, in which the developing countries used to rely on developed countries, said Ricupero.

"China's prospering demand created a new market for both developed and developing economies, with its imports growth surpassing that of exports last year," he said.

China has been playing a key role in boosting trade in the Asian region, he continued.

He pointed out that China's continuous and strong growth will benefit the world by reducing poverty and providing stimulus to other economies.

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