"During the 10th Five-Year Plan period (2001-05), we are capable of reaching a 7 percent annual growth rate," said Zeng at a special session on China at the ongoing Asia-Pacific Economic Cooperation CEO Summit 2001 meetings.

"In line with this growth rate, the gross domestic product (GDP) will grow to 12.5 trillion yuan (US$1.51 trillion), and per capita GDP will reach 9,400 yuan (US$1,136) by 2005.

"The huge market, open policy and stable political situation will create enormous business opportunities for businesses around the world."

Zeng briefed participants on the emphasis and strategies of China's economic and social development for the next five to 10 years. To realize the targets, he said: "We have to adopt new ways of thinking, and actively promote the strategic realignment of the economic structure.

"We must speed up the development of the western region ... a long-standing task which requires concerted planning, investigations in scientific approach, accentuating priorities and phased-in implementation.

"Priorities will be put on the construction of water conservancy works, transportation, telecommunications, energy and urban infrastructures.

"Promoting urbanization is a major strategy of China's future development, and technical advancement and innovation are the engine of economic and social development."

"We'll adhere to the strategy of revitalizing the nation through science and education," he added.

China will make great efforts to enhance its sustainable innovative capability and promote high-tech research and development, while advancing information technology, biological technology and aviation and aerospace technology, the minister said. "State-owned large and medium-sized enterprises will be listed on the stock exchange, forming joint ventures and owning each other's shares," Zeng continued.

"The market will be further opened by breaking down industrial monopoly and regional blockade. Reforms will be carried out in industries such as electricity generating, telecommunications, railway and civil aviation.

"The country's entry into the World Trade Organization (WTO) is a historic opportunity for China. At the same time, we fully recognize that there is an arduous journey ahead of us. We will overcome difficulties through active preparation and efficient work."

China will adopt a route to sustainable development, giving priority to environmental protection, according to the minister.

(China Daily 10/19/2001)