Visiting Chinese President Hu Jintao presented on Wednesday the
remarkable economic growth in China to attract more US businesses
and expertise.
"China's development will present enormous business
opportunities to the US and other countries. China has a huge
market and big demand for America's advanced technologies and
management expertise," said Hu at a luncheon in Seattle hosted by
the Washington State, the Seattle business community and local
organizations.
Hu said these huge opportunities were presented as China had
been witnessing a steady economic growth during the 1978-2005
period, with an average annual GDP (gross domestic product) growth
rate of 9.6 percent and total import and export volume up over 16
percent annually.
During this period, China's GDP increased from US$147.3 billion
to US$2.2257 trillion, and its total import and export volume went
up from US$20.6 billion to US$1.4221 trillion, according to Hu.
With the approval of the establishment of 530,000 foreign
invested companies and a total of US$620 billion in actual foreign
direct investment, China would further open the sectors of banking,
insurance, securities, distribution and accounting to foreign
businesses, Hu said.
Meanwhile, he promised that "China will continue to follow the
strategy of boosting domestic demand" as its economy is now in a
new period of growth.
There will be massive input in industrial upgrading,
infrastructure building, environmental protection and expansion of
social programs, he said.
"China will continue to take positive steps to increase import,"
he said. "China's total import volume in the next five years will
exceed US$4 trillion."
The Chinese president expressed the hope that American companies
would seize the opportunities, aggressively expand their share of
China's market and continue to enhance their business ties with
China.
"Let us work in partnership to foster mutually beneficial
cooperation, strengthen common development and promote the
all-round growth of the constructive and cooperative relationship
between China and the US," Hu said.
Hu arrived here on Tuesday for his first state visit to the US,
with Seattle being the first stop of his four-day stay in the
country.
The US is the first leg of his five-nation tour, which will also
take him to Saudi Arabia, Morocco, Nigeria and Kenya.
(Xinhua News Agency April 20, 2006)