Chinese economy begins to interact with globalization, says vice premier

The Chinese economy has begun to interact with globalization, said Vice Premier Huang Ju, Friday.

At the International Forum on the Common Development of China's Economy and the World Economy opening here Friday, Huang, also member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made a speech on Seizing Opportunities in Opening-Up and Cooperation to Jointly Promote New World Economic Growth.

Analyzing the current economic situation, Huang said economic globalization is a deepening trend, coupled with sustained international trade growth and greater international capital liquidity. Regional economic integration has been accelerated, and the world economy is likely to keep its current momentum of growth as the pace of scientific advancement and industrial upgrading quickens, he added.

In the meantime, Huang said, unbalanced economic growth becomes increasingly prominent and the gap between the south and the north keeps widening. International economic and technological competition is also becoming increasingly fierce, which makes national economies more vulnerable to the external impacts.

"In an era full of opportunities and challenges, the international community should work together toward common development and solving difficult problems," said Huang, adding that countries should be more open to one another and intensify economic cooperation so as to achieve mutual benefits.

On the other hand, he noted, it is unwise for countries to shift their crises onto others, because this is not in the interest of other countries and may effect the world economy as well as their own economic development.

China is entering a critical period of social and economic growth, Huang acknowledged. To tackle possible conflicts and problems in this critical period, the Chinese government has mapped out corresponding policies.

"We have vowed to establish and put into action a scientific view of development, put people first, make overall plans and take all factors into account and promote the coordinated and sustainable growth of the economy and overall advancement of society," he said.

China will strive to set up an all-around affluence by 2020, when its GDP will double that of 2000 and per-capita GDP will reach 3,000 US dollars, he predicted. Last year, China's per-capita GDP historically reached to 1,000 US dollars.

As the powerhouse of the world's economy, Huang said, a more prosperous and open China will not only benefit the Chinese people, but also provide other countries with enormous investment opportunities and a huge market. From this year on, annual imports to China will exceed 500 billion US dollars.

China will adhere to the course of peace, cooperation and development, and is resolved to achieve development while safeguarding world peace and promoting world peace through development, Huang noted.

Before the forum, Huang also met with Rubens Ricupero, secretary-general of the United Nations Conference on Trade and Development.

The forum, was co-sponsored by the Chinese Ministry of Commerce, the United Nations Conference on Trade and Development, and the People's University of China.