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Wen: China's growth an opportunity for E. Asia
(Xinhua)
Updated: 2005-12-12 11:51
China's economic development not only benefits its 1.3 billion people, but
also provides more opportunities for other East Asian countries, Chinese Premier
Wen Jiabao said in Kuala Lumpur on Monday.
In his speech to the East Asia Summit Leaders Dialogue -- "China's Peaceful
Development: An Opportunity for East Asia," Wen said that with import growing by
an average annual rate of over 15 percent in recent years, China ranks the
world's third largest and Asia's largest importer.
Chinese Premier Wen
Jiabao looks on during the Special Leaders Dialogue at the 2005 ASEAN
Business and Investment Summit, held in conjunction with the 11th ASEAN
Summit, in Kuala Lumpur December 12, 2005. Wen spoke on the topic "China's
Peaceful Developments: Implications and Opportunities for East Asia."
[Reuters] | In 2004, China's import from other Asian countries and areas grew by 35
percent over 2003 to about US$370 billion, and with growing domestic demands,
China will import from other Asian countries more than 2 trillion dollars of
goods in the next five years, said the Chinese premier.
Overseas investment by Chinese companies has also registered an annual growth
of over 20 percent, with 80 percent made in Asia. As Chinese companies continue
to expand in business, China will contribute more significantly to Asia's
economic growth, he said.
China is committed to maintaining Asia's financial stability. Back in the
1997 financial crisis, China resisted pressure to devalue its currency, thus
contributing to Asia's economic stability, Wen noted.
Over a decade ago, China set itself the goal for reforming the renminbi
exchange rate regime, namely, establishing a managed floating exchange rate
regime based on market supply and demand. China has since then worked to pursue
this goal by improving the renminbi exchange rate regime, he said.
China took a crucial step in reforming the renminbi exchange rate regime last
July. Instead of pegging the renminbi to just the US dollar, China adopted a
managed floating exchange rate regime based on market supply and demand under
which the renminbi is adjusted with reference to a basket of currencies, and the
exchange rate was also properly adjusted and floated, he added.
In introducing this reform and adjustment, China has taken into consideration
both its own economic and financial stability and the impact of such reform and
adjustment on the economic and financial stability of China's neighbors, the
whole region and the world at large, Wen said.
China will also take an active part in energy cooperation on the basis of
mutual benefit, Wen said, adding that China is ready to strengthen energy
dialogue and cooperation with other countries to ensure global energy security
and stability.
Being both a major energy producer and a major energy consumer, China meets
over 90 percent of its overall energy demand with domestic supply, and will
adhere to the policy of meeting its energy need mainly through domestic supply,
he said.
China will promote both energy development and energy conservation, and give
top priority to energy conservation, Wen said, adding: "Our goal is to cut the
use of energy per unit of the GDP by about 20 percent by 2010, and achieve
energy conservation and efficiency for the whole country."
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