China's plan to build a well-off society by 2020, and the goal's realization, will not only benefit Chinese people, but also spur the economic growth of the neighboring countries and play a positive role in world economic development, according to Chinese Vice Premier Wu Yi.

Wu made the remarks at the opening ceremony of the World Economic Development Declaration Conference (WEDDC) and the China Business Summit which opened in the southern coastal city of Zhuhai on Thursday.

Wu said that over the past two decades of reform and opening up, China has witnessed great achievements in its economic development. The World Bank statistics show that China's GDP has ranked sixth in the world.

China has accomplished its first two development goals during the past 20 years in the realization of the modernization drive, said Wu, noting that the country has begun working on its third development goal, aiming to completely build itself into a well-off society by 2020.

Under such a goal, China's GDP in 2020 will quadruple that of 2000, to reach four trillion US dollars. China's total trade volume at that time will be also quadrupled to hit two billion US dollars, said Wu.

Wu said the outbreak of severe acute respiratory syndrome (SARS) in parts of China during the first half of this year threatened Chinese people's health and security. But the Chinese government took a series of measures to have brought the epidemic under effective control and achieved temporary success in the fight against SARS.

Despite of the negative impact of SARS, China's national economy still maintained a good development trend, said Wu.

Statistics show that during the first three quarters of this year, China's GDP increased 8.5 percent year-on-year, financial income rose 22.5 percent, and the total trade volume surged 36.2 percent.

The goal of seven percent growth in China's GDP this year can be completely accomplished, said Wu.

(Xinhua News Agency November 6, 2003)