The Asia-Pacific Economic Cooperation (APEC) organization is an important channel for China to participate in regional economic cooperation, said Luo Haocai, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), in Beijing Thursday.

Luo made the remark at the APEC Business Advisory Council. "China has been taking an active part in various areas of cooperation in the APEC framework, enhancing economic and trade ties with other APEC members." China has basically set up the market economy system of socialism, with more than 90 percent of all prices are totally determined by the market itself, he acknowledged.

Some 72.7 percent of China's foreign trade is with other APEC members, and more than 70 percent of foreign investment in China comes from other APEC members, Yi Xiaozhun, assistant minister of commerce, said at the meeting. Nine of China's 10 largest trade partners are APEC member countries, Yi said. In 2004, he added, China's imports from other APEC member countries reached 419.3 billion US dollars, accounting for 74.7 percent of total importation.

With the rapid growth of its economy, China will work to increase its overseas investment and more and more Chinese people will go to other APEC member countries for tourism or doing business, he said.

Source: Xinhua