China's economic development not only benefits its 1.3 billion
people, but also provides more opportunities for other East Asian
countries, Chinese Premier Wen
Jiabao said in Kuala Lumpur on Monday.
In his speech delivered to the East Asia Summit Leaders
Dialogue, entitled "China's Peaceful Development: An Opportunity
for East Asia", Wen said that with imports growing by an average
annual rate of over 15 percent in recent years, China is the
world's third largest and Asia’s largest importer.
In 2004, China's import from other Asian countries and areas
grew by 35 percent over 2003 to about US$370 billion, and with
growing domestic demands, China will import from other Asian
countries more than 2 trillion dollars of goods in the next five
years, Wen said.
Overseas investment by Chinese companies has also registered an
annual growth of over 20 percent, with 80 percent made in Asia. As
Chinese companies continue to expand in business, China will
contribute more significantly to Asia's economic growth, he
said.
China is committed to maintaining Asia's financial stability.
Back in the 1997 financial crisis, China resisted pressure to
devalue its currency, thus contributing to Asia's economic
stability, Wen noted.
Over a decade ago, China set itself the goal of reforming the
renminbi exchange rate regime, namely, establishing a managed
floating exchange rate regime based on market supply and
demand.
China took a crucial step in reforming the renminbi exchange
rate regime in July. Instead of pegging the renminbi to just the US
dollar, China adopted a managed floating exchange rate regime based
on market supply and demand under which the renminbi is adjusted
with reference to a basket of currencies, and the exchange rate was
also properly adjusted and floated, he added.
By introducing this reform and adjustment, China has taken into
consideration both its own economic and financial stability and the
impact of such reform and adjustment on the economic and financial
stability of China's neighbors, the whole region and the world at
large, Wen said.
China will also take an active part in energy cooperation on the
basis of mutual benefit, Wen said, adding that China is ready to
strengthen energy dialogue and cooperation with other countries to
ensure global energy security and stability.
Being both a major energy producer and a major energy consumer,
China meets over 90 percent of its overall energy demand with
domestic supply, and will adhere to the policy of meeting its
energy need mainly through domestic supply, he said.
China will promote both energy development and energy
conservation, and give top priority to energy conservation, Wen
said, adding: "Our goal is to cut the use of energy per unit of
gross domestic product by about 20 percent by 2010, and achieve
energy conservation and efficiency for the whole country."
(Xinhua News Agency December 13, 2005)