The development of Northeast Asia is of substantial importance to the world's overall economic development structure, said Vice Premier Wu Yi at the opening ceremony of the 2004 Northeast Asia Economic Cooperation Summit on October 8.

The summit is being held in the city of Weihai, in east China's Shandong Province.

"Northeast Asian countries have complementary advantages in economic development, and all governments and enterprises are seeking new ways and patterns of economic cooperation and development," Wu said.

Pointing out that enhancing regional cooperation is an important component of China's foreign policy, Wu said that the country would work proactively in this area.

She called on all Northeast Asian nations to expand their horizons and participate in comprehensive, long-term economic cooperation, work together with mutual understanding and trust, avoid disputes and friction, and achieve common prosperity and development.

Northeast Asia includes China, Japan, North and South Korea, Mongolia and the far eastern portion of Russia.

Northeast Asia is the world's largest economic zone in terms of population, natural resources, market potential and trade and investment opportunities.

The combined gross domestic product of China, Japan and South Korea makes up 91.2 percent of the region's GDP. The three nations have developed close trade relations in recent years.

Japan is China's largest trading partner. Bilateral trade reached US$133.6 billion last year, a year-on-year increase of 31.1 percent. China is Japan's second-largest trading partner, after the United States.

South Korea is China's sixth-largest trading partner, with trade worth US$63.2 billion last year, up 43.3 percent year-on-year. China is South Korea's third-largest partner, following the US and Japan.

Kim Hak-Su, United Nations undersecretary-general and commissioner of the UN Economic and Social Commission for Asia, said that the economic growth of the region has become increasingly influential to the global economy. The region has become a production base for the world.

The ongoing 2004 Northeast Asia Economic Cooperation Summit has attracted participation by more than 300 senior politicians and international organizations from the region. The theme of the event is exchange, cooperation and development to enhance economic cooperation and promote prosperity throughout Northeast Asia.

Scheduled forums and seminars focus on such topics as economic cooperation, regional logistics cooperation, electronic and information industry cooperation and how the Shandong Peninsula can best manage the industrial transfer from Japan and South Korea.

(China Daily October 9, 2004)