Domestic demand of 1.3 billion consumers is the driving force of
China's economic growth, Chinese Finance Minister Jin Renqing told
Xinhua on Friday.
The Chinese government has taken series of measures, including
changing economic growth modes, adjusting economic structures, and
increasing income of residents, promoting social security, and
speeding up public service reforms, Jin said after the 13th APEC
(Asia-Pacific Economic Cooperation) Finance Ministers' Meeting
concluded on Friday.
China bases on and regards domestic demand as a basic motive for
economic development, he said, adding that China also bases on
residents' demand to mobilize resources for its development.
During its economic development process, China has paid
attention to attracting foreign investment and bolstering
multilateral financial and monetary exchange, he said, stating that
opening up and attracting foreign investment is China's unchanged
long-term motto.
China should lure more foreign investment as well as increase
the efficiency of its usage to grab managerial expertise and
technologies, and boost the upgrading of the country's sectors, he
said, adding it should also entice foreign investment to develop
its labor-intensive industries.
Bilateral financial and monetary exchange and cooperation is a
foundation for the development of bilateral cooperation, and
interactive effect of macroeconomic policies of countries is more
and more increasing, therefore, strengthening policy dialogues and
beefing up financial and monetary cooperation is very important, he
said.
The Chinese government is willing to establish fine bilateral
cooperation relations with others in the APEC region, jointly
contributing to the development of global economy and the
construction of a harmonious world, he said.
At the two-day ministerial meeting, APEC finance ministers
reaffirmed their relevant commitments and put forth measures to
jointly secure stable and efficient revenue sources, and develop
robust and sound financial services sectors.
Since its inception in 1989, the 21-member APEC, which gathers
some of the world's large economies, including China, the United
States, Russia, Japan, Singapore and Vietnam, has worked to reduce
tariffs and other trade barriers across the Asia-Pacific region,
create efficient domestic economies, and dramatically increase
exports.
(Xinhua News Agency September 9, 2006)