The development of Northeast Asia is of substantial importance to the world's overall economic development structure, China Daily cited Chinese vice-premier as saying.

Speaking on Friday at the opening ceremony of the 2004 Northeast Asia Economic Co-operation Summit, Vice-Premier Wu Yi said co-operation among Northeast Asia nations may open a new chapter in the future.

The summit is being held in Weihai in East China's Shandong Province.

"Northeast Asian countries have complementary advantages in economic development, and all governments and enterprises are seeking new ways and patterns in economic co-operation and development," Wu said.

"Enhancing regional co-operation is one of China's important foreign policies, and China will actively promote the region's economic co-operation."

Wu called on all Northeast Asian nations to expand their horizons to the future and launch all-round economic co-operation, deepen mutual understanding and trust to work together, avoid disputes and frictions, and achieve common prosperity and development.

Wu stressed that exchanges, co-operation and development are long-term tasks for the region to accomplish.

Northeast Asia covers China, Japan, the Democratic People's Republic of Korea (DPRK), the Republic of Korea (ROK), Far East part of Russia and Mongolia.

Northeast Asia is the world's largest economic zone - in terms of population, natural resources, potential market size and the vast trade and investment opportunities.

The combined GDP (gross domestic product) of China, Japan and ROK makes up 91.2 per cent of East Asia's GDP. The three nations have developed close trade relations in recent years.

Japan is China's largest trading partner. The bilateral trade volume reached US$133.57 billion last year, a year-on-year increase of 31.1 per cent. China is Japan's second-largest trading partner, after the United States.

ROK is China's sixth-largest trade partner, with trade worth US$63.2 billion last year, up 43.3 per cent year-on-year. China is ROK's third-largest trading partner, after the United States and Japan.

Moreover, the annual trade growth rate between China and Mongolia has grown 23 per cent.

Kim Hak-Su, under secretary-general of the United Nations, said the economic growth of the region is more and more influential to global economy, and the region has become a production base for the world.

The better construction of ports, expressways and electronic networks will be substantial to the Northeast Asia's economic co-operation and development.

The ongoing 2004 Northeast Asia Economic Co-operation Summit has attracted more than 300 senior politicians and international organizations of the region to participate.

Approved by the State Council, the event is themed on exchange, co-operation and development, to enhance Northeast Asia's economic co-operation and promote common prosperity.

For the forums and seminars of the event, discussions will mainly be Northeast Asia economic co-operation, regional logistics co-operation, electronic and information industrial co-operation and how Shandong peninsula to meet with the industrial transfer of Japan and the Republic of Korea.

Source: China Daily