Chinese President Hu Jintao claps hands during his speech to the Asia-Pacific Economic Cooperation (APEC) 2004 CEO Summit in Santiago, capital of Chile, on Nov. 19, 2004.

Chinese President Hu Jintao said in Santiago Friday that China, as a large developing country with a strong sense of responsibility, is ready to contribute its share in advan cing win-win cooperation for sustainable development.

Delivering a speech at the Asia Pacific Economic Cooperation CEO Summit which opened in the Chilean capital Friday, the Chinese president said that a sound and rapidly growing Chinese economy serves the economic development of the region and that of the world at large.

With an average annual growth rate of 9.4 percent in the past 20-odd years of reform and opening-up, China has succeeded in meeting the basic needs for food, clothing and shelter by its population and providing, on the whole, a moderately comfortable livelihood for its over one billion people.

China's economy right now is in good shape, though not problem-free. "Thanks to our macro-economic measures, the disruptive and unhealthy factors in the economy have been brought under effective control," said the Chinese president who arrived here Thursday for a state visit and attending the 12th APEC Economic Leaders Meeting.

In the first three quarters of this year, China's GDP grew by 9.5 percent its total import and export reached 828.5 billion US dollars, and the paid-in value of FDI totaled 48.7 billion dollars.

"We will stick to the scientific concept of development which puts people first and strives for a balanced and sustainable development, focus on economic development and keep up reform and opening up to the outside world," Hu told the Asia-Pacific Rim business leaders.

"We will continue to improve our market economic structure, step up economic and industrial restructuring, accelerate scientific and technological innovation and mobilize still greater material and intellectual resources from across society to push forward China's economic development," the Chinese president added.

A more prosperous China is destined to offer more business opportunities to the rest of the world. China now represents an export market of over 500 billion dollars a year, and is committed to continued opening up and more active participation in economic globalization.

China will take part in international economic and technological cooperation and competition with still greater depth, in still more areas, and at still higher levels, Hu noted.

The Chinese president noted that China's WTO accession has resulted in further improvement in its investment environment.

"We will keep our market open by reducing access restrictions, improving our laws and regulations on foreign investment and making more services and trade available to foreign investors," Hu said.

China will create new ways of attracting foreign investment, and push for greater reform in government administrative system by building a predictable and more transparent management system for sectors open to foreign investment, he added.

"We will protect still more effectively the intellectual property rights of overseas investors and their enterprises in China and provide a better environment and more favorable terms toboth foreign investment in China and China's foreign trade and economic cooperation with the other countries," said the Chinese president.

The business communities, as a major proponent and participant of economic activities in the Asia-Pacific region, are playing a crucial role in promoting both trade investment liberalization, economic and technical cooperation and bringing about an all-round development in the region, Hu noted.

The Chinese president also urged the Asia-Pacific Rim business leaders to take advantage of their influence to galvanize greater business involvement in regional economic cooperation, display and spread entrepreneurship, help build a more equitable society, and make greater contribution to sustainable development in the region and the world at large.

The three-day APEC Chief Executive Officers Summit, which opened Friday, will explore the theme of "Succeeding in a Global World: New Challenges for Business", along with distinguished panelists, economists, academics and opinion leaders of the Asia-Pacific region.