China promises more reforms

Himalayan News Service

Beijing, May 18:

China will vigorously pursue economic reforms to become a more open and prospering market, president Hu Jintao has said while stressing that Asia was emerging as the new growth engine for the world.

Addressing top corporate honchos and CEOs, government leaders, and innovative business thinkers here on Monday, Hu said they would enjoy a win-win result through closer economic and trade ties with China, reports Xinhua.

The president said with surging economic globalisation, China and Asia were quickly becoming the new growth engine for the world while the global boom was also generating more important opportunities for the region.

“China will revamp foreign economic management, step up protection of intellectual property rights and work harder to help foreign investors and create an even better environment for trade and economic cooperation,” Hu said in his keynote address to mark the opening of the 2005 Fortune Global Forum.

“China has maintained rapid economic development and this helps improve the people’s living standard and social construction and also promotes economic and technological cooperation between China and other countries,” he said.

The Forum is being held from May 16-18. Over 800 delegates including top corporate honchos from leading global firms such as GE, Shell, Sony, and BMW are attending the event.

“The meet ‘China and the New Asian Century’ showed that international business was keenly following economic development of China and Asia,” Hu said.

Global players

SINGAPORE: With rapid growth and booming economies, China and India are set to emerge as global leaders, EU Chris Patten has said. Patten noted that as a result of economic development, China and India would eventually play a leading role in the world alongside the US. He urged integration of the ASEAN, such as developing a proper market and a customs union. — HNS