Second China-ASEAN Business and Investment Summit opens

The second China-ASEAN Business and Investment Summit opened Wednesday afternoon in Nanning, capital of south China's Guangxi Zhuang Autonomous Region.

Chinese Minister of Commerce Bo Xilai said at the opening ceremony that the leaders of China and the Association of South East Asian Nations (ASEAN) countries attach great importance to economic and trade cooperation.

He said China upholds the policy of bringing stability, peace and wealth to neighboring countries in the cooperation with ASEAN members.

ASEAN Secretary General Ong Keng Yong said trade between China and ASEAN countries grew rapidly from 2002 to 2004 with an annual growth rate of 38.9 percent on the average.

Gross bilateral trade value surpassed 100 billion US dollars last year, which made China and ASEAN became each other's fourth largest trade partner.

Under the Framework Agreement on Comprehensive Economic Cooperation, China and ASEAN countries have reached the agreement to progressively liberalize trade in goods and services and to establish an open and competitive investment mechanism, said Choummaly Sayasone, vice president of Laos.

Somkid Jatusripitak, deputy prime minister of Thailand, said at the summit that the development of China should be regarded as an important opportunity rather than a threat to ASEAN countries.

He said all ASEAN countries should remember and thank China for its active role in the Asia Financial Crisis.

Sponsored by the China Council for the Promotion of International Trade and the commerce union of ASEAN member countries, the summit features the theme of "China and ASEAN members: opening and development of market."

Source: Xinhua