Beijing, 13 September 2004

Mr. President,

Foreign Minister Kawaguchi,

Ladies and Gentlemen,

It is my great pleasure to attend China Business Summit and exchange opinions with you on economic cooperation and regional economic collaboration in particular. On behalf of the Chinese Foreign Ministry, I would like to express my congratulations on the convocation of this summit and wish it a complete success.

Recent years have seen rapid growth of regional economic integration, which combines economic globalization to form two major trends of world economic development. Inter-regional, regional and bilateral free trade arrangements of various forms come thick and fast, which instill new vigor into regional and global economic growth. In Asia, various kinds of regional economic cooperation mechanisms have emerged one after another, moving towards the sound direction of forming an omni-directional and multi-layered cooperation structure in this region. Asian cooperation featuring mutual benefit and equality is being expanded, as evidenced by the continuous progress of ASEAN plus China (10+1) and ASEAN plus China, Japan and Republic of Korea (10+3), establishment of different cooperation mechanisms such as China, Japan and Republic of Korea Cooperation, Development and Cooperation in Mekong Region and Asia Cooperation Dialogue. It has become the common choice of countries in East Asia to seek development and promote peace through cooperation.

Since this year, East Asian economy has rebounded steadily and regional cooperation has achieved new progress. However, factors impeding regional stability still exist, with rising oil price exerting fresh pressure on the growth of economies in the region. The development and cooperation in Asia are still confronted with many challenges and difficulties. Under current circumstances, we have no other choice but to promote regional stability, development and progress by further expanding regional cooperation. We have to, in an orderly and gradual manner, realize further regional integration by giving full respect to the history and current features of East Asia and on the basis of existing cooperation mechanism. I would like to take this opportunity to share with you the opinions of the Chinese side.

First, we maintain that equality, mutual benefit, and gradual progress should be the bases upon which East Asian cooperation is enriched and advanced. China is ready to work with other Asian countries in this regard. Recent years have seen the rapid development of "10+3" and "10+1" cooperation. Within these frameworks, China has made great strides in cooperating with other East Asian economies, as evidenced by the signing of the Framework Agreement on Comprehensive Economic Cooperation Between the Association of South East Asian Nations and the People's Republic of China, which envisaged the establishment of a China-ASEAN Free Trade Area (CAFTA) by 2010.

Meanwhile, Northeast Asian cooperation is marching into a new spotlight in East Asian cooperation. Having varied advantages in capital, technology, natural and human resources and market capacities, plus close historical and cultural bonds, Northeast Asian countries have enormous potential in economic cooperation. China's strategy of rejuvenating the old industrial bases in its Northeast and other areas is providing a historic opportunity for the continued development of the sub-region. China, the ROK and Japan have agreed to study the possibility of forging closer economic partnerships. Last year, their leaders released a Joint Declaration on Advancing Tripartite Cooperation, which laid the groundwork for further economic and trade cooperation among them. We hope the parties concerned will work hard to keep the sound momentum of the tripartite cooperation and continually move it forward, so as to inject fresh vitality into the regional and global economy and strengthen the sound dynamics of inter-state relations.

Second, we stress the vital importance of an open regionalism and all-dimensional cooperation. Regional economic cooperation in East Asia and the continent in general is an important means for Asian economies to borrow each other's strengths and realize common development. It is our consensus that such cooperation should be neither exclusive nor detrimental to any third party. Proceeding from this Asian consensus, countries in the region, while working to advance China-Japan-ROK Cooperation, "10+1", "10+3" and Asian Cooperation Dialogue, are also taking an active part in APEC, Asia-Europe Meeting, Shanghai Cooperation Organization, East Asia-Latin America Forum and other mechanisms for cooperation and dialogue.

Third, we believe that while East Asian countries are strengthening regional cooperation, they should continue to undertake to promote the growth of a multilateral trading regime. An equitable, just, open and indiscriminative multilateral trading regime is an important guarantee for the long-term steady development of global economy and trade. Such a regime is significant for Asian countries, which are forging an ever-closer link with other parts of the world in trade and investment. In addition, regional trade arrangement and multilateral trading regime complement and reinforce each other. At present, the Doha Round is at a critical stage, and various countries and regions should keep committed to facilitating the improvement and development of a multilateral trading regime while intensifying bilateral and regional free trade arrangements. All parties in the region may step up coordination and cooperation in this regard and be active in using their influence to make more contributions to the sound development of the multilateral trading regime and seek an earlier achievement of the Doha Round, which is positive, balanced and conducive to development. This serves the interests of all parties.

Ladies and Gentlemen,

The development of China and Asia is closely connected to the development of the globe. It is part and parcel of China's opening-up policy to take an active part in regional economic cooperation. China stands ready to actively participate in the regional economic and trade cooperation of all forms and at various levels so as to promote the common development of the whole region. China's goal for development is consistent with that of the international community. China will do a better job in coordinating its domestic growth and opening-up in the pursuit of a comprehensive, coordinated and sustainable development. China will take part in the international economic and technical cooperation and competition in wider scopes, in more areas and at a higher level. I am convinced that China, which is committed to greater opening-up and common development for all, will be a significant force in pushing Asia's prosperity and economic integration and that Asia's commitment to deepening multilateral and regional economic cooperation will also definitely facilitate the opening-up and win-win outcome of Asia and the world at large.

Thank you.