| President Hu Jintao yesterday pledged to the world
China will undertake a set of reforms to become a more open, prospering market.
Addressing a who's who of multinational CEOs, government leaders, and
innovative business thinkers, Hu said they will have a win-win result through
closer economic and trade ties with the nation.
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| President Hu Jintao meets with some of the FORTURN global forum
attendants at the Great Hall of the People yesterday in Beijing.
[Xinhua] | "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 co-operation between China and the rest of the world," Hu said during a
15-minute key note speech to mark the opening of the 2005 FORTUNE Global Forum.
The forum, themed "China and the New Asian Century", is regarded as a
flagship event in global business circles. It has brought together about 850
business tycoons and government officials -- a record high in the forum's
history.
Hu told delegates that with surging economic globalization, China and Asia
are quickly becoming a new growth engine for the world while the global boom is
also generating more important opportunities for China and Asia.
The president sketched a rosy picture for China's development in the
following 15 years, saying that China will quadruple its year 2000 GDP to
approximately US$4,000 billion with a per capita level of some US$3,000 in 2020.
"To realize the goal, we must uphold the scientific approach in achieving
economic and social development of the country," he said.
"We must put the people first, making the fundamental interests of the
broadest masses of people as our point of departure, and endeavour to satisfy
their growing material and cultural needs to pursue the comprehensive
development," he added.
He said the country will continue to open its market, find new ways of using
foreign capital, and improve on legislations and regulations for encouraging and
protecting foreign investors.
"All of you are important corporate leaders participating and promoting
international economic activities. Many of you and the companies you represent
have been vigorously involved for years in pushing economic and technological
co-operation with China, and have made significant contribution to China's
sustained economic growth and technological upgrading in certain industries,"
said Hu, adding that the Chinese looks forward to continued expansion of their
investment in China.
"As China becomes more developed, its co-operation with other countries and
their corporations of various types is bound to increase in scale," Hu said.
The president promised the country will stick to the direction of reform for
a socialist market economy and participate more broadly in international
economic and technological co-operation, and competition with "wider and highten
dimensions," said the president.
Before yesterday's ceremony, Hu also met board members of AOL Time Warner
Inc., a group of world-known international entrepreneurs and representatives
from business communities of the mainland, Hong Kong and Maocao special
administrative regions and Taiwan.
Richard D. Parsons, chairman of the board and CEO of Time Warner Inc, told Hu
that the presence of the delegates from the FORTUNE Global Top 500 has improved
the vibrancy of China's economy and its key role in global economic development,
saying these leading enterprises are expecting to explore more ways to enhance
co-operations with China.
The participants are expected to hold extensive discussions today and
tomorrow on such topics as understanding China's capital markets, the global
impact of the falling US dollar, perspectives on doing business in Asia and
opportunities and challenges for Chinese companies.
This is the third Fortune Global Forum to be held in China, following the
1999 session in Shanghai and 2001 in Hong Kong. | 
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