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Global Development Needs China


       Lu Fuyuan, minister of commerce, told the press that by the end of 2002, China had approved more than 420, O00 foreign-funded enterprises and utilized US$448 billion of foreign capital. The majority of foreign-funded enterprises have been operating successfully and have greatly benefited from China's rapid economic development. The value of China's commodity imports is expected to hit US$1, O00 billion in the coming three years, which will further spur the development of the global economy.
       Lu Fuyuan, minister of commerce, told the press a short time ago that in the coming two decades, as in the past two decades of reform and opening-up, China would use facts to demonstrate even more convincingly that it is bound to make historic contributions to global economic development and to the common progress of all countries in the world, while making effort to build a well-off society in the nation.

China will bring great business opportunities to industrial and commercial circles worldwide

       Minister Lu said since China introduced reform and opening policies, its domestic and foreign trade has developed swiftly and its market has expanded continuously. To date, China has entered the front ranks of the world in terms of market scale. In the coming 20 years, China's market will continue to enjoy tremendous potentials for development, which will offer great business opportunities to industrial and commercial circles in various countries and regions worldwide.
       According to statistics, between 1978-2002, the annual increase of China' s total volume of retail sales and import and export trade hit 8.2 percent and 152 percent respectively. By 2002, the respective volume topped 4,000 billion yuan and US$620.8 billion. In 2002, China's steel and cement consumption accounted for 25 percent and 40 percent of the global total output respectively. The length of expressways increased to 25,000 km, ranking second in the world. The number of telephone subscribers exceeded 400 million and that of netizens reached 59.1 million, coming first and second in the world respectively. During the five years between 1998-2000, China's total volume of imported goods reached US$1,069.8 billion. In 2002, the import volume reached US$295.2 billion, up 21.2 percent on the previous year. Of the country's US$51.7 billion newly added import volume, 29.3 percent came from Asia.
       By the end of 2002, China had approved more than 420,000 foreign-funded enterprises, with committed and paid-in foreign capital totaling US$828.1 billion and US$448 billion respectively. In 2002 alone, 34,171 foreign-funded enterprises were established in the country, a rise of 30.7 percent on the previous year. At present, the majority of foreign-funded enterprises are operating successfully and have greatly benefited from China's rapid economic development. Overseas investors most favor high-tech, auto and service industries. Some transnational companies have stepped up development by investing in China. Take the auto industry for example. In 2002 China produced 1.09 million sedan cars and sold 1.126 million units, up 55 percent and 56 percent respectively on the previous year. The 15 key motor vehicle enterprises netted more than 20 billion yuan in profits that year, a rise of 56 percent. Of these, Sino-foreign joint ventures reaped impressive economic returns.

China will further boost global economic development

       Minister Lu noted that in spite of global economic slowdown over the past two years, China's economy has maintained rapid development, injecting vigor to global economic growth. According to estimation by overseas experts, in 2002 the growth of China's economy was equivalent to 17.5 percent of the global total, with its contribution rate second only to that of the United States. The rate of China's contribution to world trade growth was as high as 29 percent that year. The minister said over the past year China has played a constructive role in the multilateral economic system. Facts have once again confirmed the prediction made by China before its WTO accession: China's development cannot do without the world, and world development needs China.

       The minister stated that China would continue to expand commodity and service trades, basically maintain the balance between imports and exports and strive to achieve a win-win situation in foreign trade. In the first two months, China imported US$54.8 billion worth of goods, up 571 percent on last year's same period. With this speed of growth, the value of the country's goods import is expected to reach USS1,000 billion in the coming three years, which is equivalent to the total in the past five years. This will increase China's power to spur global economic development. In addition, China will energetically implement its west development strategy, further improve its investment environment and provide overseas investors with greater business opportunities in the western region. Sticking to a new industrialization approach, China will actively develop new and high-tech industries and expedite the development of modern service industries, so as to provide overseas investors with ample room for development. Meanwhile, China will guide and support enterprises with competitive advantages to invest overseas and carry out diverse forms of economic and technological cooperation on the basis of equality and mutual benefit. According to Lu, by the end of 2002 China had established 6,960 enterprises abroad, with Chinese investment approaching USS10 billion. The transnational operation of Chinese enterprises has not only enlarged the area for their own development, but also increased the employment and tax revenue and promoted the economic development in the localities where they operate. The minister pledged that China would further intensify bilateral, multilateral and regional economic cooperation, so as to achieve the mutual supplement, interest sharing and joint development of China and all other countries and regions in the world.

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