H.E.Jing Zemin
President of the People's Republic of China
On the Informal Summit Meeting of East Asian Heads of State/Government
15 December 1997
On the occasion of the 30th anniversary of the founding of ASEAN, leaders of ASEAN countries and China, Japan and the Republic of Korea are gathered here to discuss and explore economic cooperation in East Asia oriented towards the 21st century and envisage the prospect of East Asia's future development. This is a major pioneering move. I believe that this meeting will surely produce a far-reaching impact on furthering East Asia's economic cooperation and building a better future together.
In retrospect of the 20th century, profound changes and tremendous progress have taken place in East Asia. Since modern times, this region was once one of the regions in the world plagued by poverty, wars and turmoils. The people of many of those countries have suffered great misfortunes in the past. After the end of the Second World War, people of East Asian countries, through protracted struggle and efforts, shook off the yoke of colonialism and won national independence one after another and became masters of their own destiny. They have played a positive role in international and regional affairs and constantly advanced their own economic development and social progress, thus making important contributions to peace, stability and development in Asia and the world at large.
The development and rejuvenation in the recent two or three decades of East Asian countries, the developing countries in particular, have opened a new chapter of Asia's historic progress in the 20th century. Economic growth in East Asia ranks among the highest in the world and people's standard of living has also improved rapidly. The share of East Asia in global trade has increased markedly. Investment environment has steadily improved, scientific and technological level is rising year by year and regional cooperation has been greatly accelerated. East Asia has already become one of the regions in today's world with the most dynamic economic growth.
Looking into the 21st century, we can say with full confidence that relatively sound conditions are available for East Asia to raise its economic and social development to a new level.
First, it has become the shared understanding of East Asian countries to maintain regional peace and stability, develop economy, science and technology, expand mutually beneficial cooperation, and promote common prosperity. East Asian countries are committed to the development of their relations on the basis of mutual respect, treating each other as equals and noninterference in each other's internal affairs and properly addressing some existing differences through friendly consultations. With political stability, East Asian countries enjoy good relations among themselves. This has provided an important prerequisite for the sustained economic growth of East Asian countries and the development of their economic cooperation.
Second, East Asian countries have built up certain economic strength. Some have entered the developed stage, others have joined the rank of newly industrialized nations, still others have embarked on the road of rapid growth. Endowed with rich human and natural resources, countries in this region have formulated their development strategies in light of their actual conditions, constantly readjusted the industrial structure, effected a shift in the mode of growth, promoted scientific and technological progress, and strengthened external economic exchanges. All this has provided a broad scope for East Asian countries to engage in economic cooperation.
Third, the people of East Asian countries have created their own fine cultural traditions through their prolonged practice in history. This type of cultural traditions attaches great value to social communities, upholds such virtues as self-respect and self-strengthening, arduous effort, industriousness, frugality, modesty and eagerness to learn. It advocates harmony in handling human relations and stands for peaceful coexistence in international relations. It constitutes a valuable spiritual wealth. As long as East Asian countries go along with the trend of the times and carry forward and apply those cultural traditions and wisdom with oriental features in light of their actual national conditions while vigorously absorbing all fruits of human progress and civilizations, the development of economic cooperation in East Asia will be further boosted with a spiritual motive force.
All in all, East Asia in today's world is a force that cannot be ignored politically, economically, culturally and geographically. The prospect for East Asia's economic development is promising. East Asian countries can, through their own development and mutual cooperation, provide useful experience and set a model for economic cooperation among countries and regions in the world. They can also play an important role in promoting the establishment of a just and rational new international political and economic order of peace and stability.
When we review the past and look into the future, we realize that it is necessary for us to further strengthen East Asian cooperation in order to ensure the fundamental interests of East Asian peoples and promote the lofty principles of mutual respect, equal participation, mutual benefit and common development. We should intensify economic and technological cooperation, especially hi-tech cooperation, set up a rational economic structure in the region and bring about a non-exclusive and non-discriminative model of economic cooperation which can facilitate countries to make up for their deficiencies by drawing upon other's advantages and strike a balance among different interests. We should engage in friendly dialogues and consultations to build up confidence, broaden agreement, and seek common ground while putting aside differences, address differences properly so as to ensure regional peace and stability.
While fully recognizing the economic achievements in East Asia, we must also look squarely into the difficulties and obstacles on the way ahead. For instance, East Asian countries suffer, to varying degrees, from irrational economic structure, imperfect financial system, extensive mode of growth, backward infrastructures and enormous pressure brought about by over-population and environmental control. These problems need to be addressed carefully and in real earnest.
Southeast Asia's financial turmoil in recent months has taught people a profound lesson. Normal functioning of the financial system is crucial to the overall economic stability and development. To maintain a sound and stable financial order in a closely intertwined global economy, it is imperative for countries to work to improve their financial system, policy and supervision, strengthen both regional and international system, policy and supervision, strengthen both regional and international financial cooperation and jointly ward off excessive speculation by international hot money. Only by so doing can we effectively maintain the international financial order. Today there is a greater need to strengthen financial cooperation in East Asia. China has taken a positive approach towards it and is ready to take part in relevant discussions.
Though suffering from the temporary economic difficulties brought about by the financial turmoil, those countries in East Asia still enjoy good economic fundamentals and other favorable factors for economic development and will certainly advance forward after drawing useful lessons and making necessary readjustments. We are confident about this.
China has always attached great importance to and taken an active part in East Asian cooperation. A key component of Chin's foreign policy is to maintain good-neighborly and friendly relations and expand mutually beneficial cooperation with our neighbors. According to our blueprint for cross-century development, China will accelerate the establishment of a socialist market economy, speed up a fundamental shift of the mode of economic growth and maintain a sustained, rapid and healthy growth of the national economy. China will perfect its all-dimensional, multi-tiered and wide ranging opening-up pattern, foster an open economy and actively participate in regional economic development will provide greater opportunities for trade, investment and cooperation in this region and an access to a huge market. It also conduces to East Asia's economic prosperity and stability and vice versa.
I believe that as long as we work together, people of East Asia can certainly build a better future in the new century.
