China's booming economy and rocketing foreign trade spell an opportunity, not a threat, to the rest of East Asia, Premier Wen Jiabao yesterday reassured business leaders from neighboring countries ahead of a regional summit.

Wen told the East Asia Summit Leaders Dialogue that China cannot develop in isolation from the rest of the world, particularly East Asia.

"China will continue to seek peace and development through co-operation, and will strive to achieve development that will bring about peace, openness, co-operation and harmony as well as benefit to itself and other countries," he said.

About 800 representatives from the business community in East Asia attended the forum.

Wen arrived here on Sunday to attend the inaugural East Asia and the Association of Southeast Asian Nations (ASEAN) summits and pay an official visit to Malaysia.

The premier stressed that China needs a "durable and peaceful international environment" to enable the country to double the size of its economy - the world's seventh largest - to US$4 trillion over the next 15 years.

Gross domestic product (GDP) reached US$2 trillion last year following an average economic growth rate of 9.4 per cent over the past 27 years. China hopes to double that figure and raise its per capita GDP to US$3,000 by 2020, Wen said.

Much of that growth will depend on trade, and Wen said China expects to import goods worth more than US$2 trillion over the next five years.

"As Chinese companies continue to expand in business, China will contribute more significantly to Asia's economic growth," he said.

"China's development not only benefits its 1.3 billion people but also provides more opportunities for other East Asian countries."

Trade between China and ASEAN grew by 23.5 per cent in the first 11 months of 2005 to US$117.24 billion, and China is the bloc's fourth largest trading partner.

China and ASEAN in 2002 agreed to establish a free trade area, and Beijing has also signed bilateral trade agreements with Cambodia, Laos and Myanmar.

While highlighting China's commitment to Asia's financial stability, Wen said Beijing will keep the region's interests in mind during the process of reforming its renminbi exchange rate regime.

"In introducing this reform and adjustment, we have taken full account of both China's economic and financial stability and the impact of such reform and adjustment on the economic and financial stability of China's neighbours, the whole region, and the world at large," Wen said. "We will continue to do so in the future."

Given China's rapid economic rise as well as its increasing diplomatic clout, there have been worries that it could dominate the region.

Wen reassured other Asian leaders that Beijing had no such plans.

"China is committed to East Asia co-operation in the interest of fostering a harmonious, secure and prosperous neighbourly environment," said Wen, who called for increased co-operation in the energy sector with other countries to ensure global energy security and stability.

"China hopes that such co-operation will promote regional peace and prosperity and create a friendly international environment that will facilitate its development endeavour. China is proud to be a good neighbour, good friend and good partner of other Asian countries."

He acknowledged that the country was facing a range of problems including strains on the environment and resources, a development gap between urban and rural areas, and what he called "huge pressure" on employment.

Source: China Daily