Speech by H.E. Wu Bangguo Chairman of the Standing Committee of The National People's Congress of The People's
Republic of China at the Opening Ceremony of the Euro-Asia Economic Forum
                                                                                                                                                                             --Xian,10 November 2005

        Distinguished Guests,
        Dear Friends,
        Ladies and Gentlemen,

       On the occasion of the opening of the Euro-Asia Economic Forum, I would like to extend, on behalf of the Chinese Government and people and in my own name, our warm congratulations on the convocation of the Forum. I would also like to express my sincere welcome to all our guests from Eurasian countries and my cordial greetings to all our friends attending the Forum.

       Today, in Xian, a city famous for its historical and cultural heritage, government officials, entrepreneurs and scholars from Eurasian countries are gathering together, under the theme of regional economic cooperation, to share information and explore ways for cooperation in their discussion on the important issue of development. Such a gathering, the first ever in the history of the Eurasian region, is of great significance to better mutual understanding, broader and more substantive cooperation, and common prosperity for countries in the region.

        Spanning the Eurasian continent, this region, which features great distances, a large population, a time-honored history and rich cultures, has made great contribution to the progress of human civilization. Today, with its abundant natural resources, huge market potentials and diverse civilizations, the Eurasian region is assuming an increasingly important role in the lofty cause of world peace, development and cooperation. This being said, we need to be aware of quite a number of challenges and threats confronting the region in terms of its security and stability. Still in this region, the economic development is unbalanced, its overall underdevelopment is yet to be addressed, and the relative backwardness remains unchanged. In this context, it is a central task for Eurasian countries to accelerate the coordinated economic and social development and improve people's livelihood.

        In today''s world, economic globalization continues to unfold, science and technology move forward by leaps and bounds, essential factors of production are realigned in an optimized manner, and industrial relocation is picking up speed. Countries have found their economies increasingly linked to the world economy, and their mutual influence has become more evident. It has become an irresistible historical trend for different countries to open to each other and opt for economic cooperation. However, for various reasons, the economic cooperation in the Eurasian region, which has not started for long, is yet to reach a high level. This has, to some extent, hindered the economic development of some countries in the region. Fortunately and much to our delight, it has become the broad consensus of Eurasian countries to strengthen bilateral and multilateral economic cooperation. Present at this Forum are not only the incumbent and former state leaders, and officials from relevant central government agencies of Eurasian countries, but also officials from local governments, eminent entrepreneurs and scholars, and VIPs from outside the region, which speaks well to the consensus I mentioned.

        Thanks to the geographical proximity and economic complementarities, Eurasian countries have many areas for regional cooperation and are blessed with broad prospects. Given the economic features and the current state of development of this region, the priority of economic cooperation should be given to the collaboration in the areas of energy, tourism, transportation and environmental protection at the present stage and for a period to come. With its large oil and gas reserve and close proximity to stable and fast-growing markets of energy consumption, this region enjoys immense potential for mutually beneficial energy cooperation. Richly endowed with tourism resources, this region is well positioned to develop tourism economy through cooperation and exploration of new markets. As most countries in this region are land-locked and difficult to access, it meets their inherent needs to step up cooperation in the field of transportation. In addition, given the vulnerable eco-systems and the mounting pressure of the population, resources and the natural environment, peoples in the region share the aspiration for stronger cooperation in environmental protection. On the basis of mutual respect, and in line with principles of equality, mutual benefit, opening to each other, and bilateral and multilateral cooperation in parallel, Eurasian countries should bring into full play the role of governments of various countries and regional organizations like the Shanghai Cooperation Organization, encourage the initiatives of enterprises and local authorities, tap into their domestic advantages and vigorously conduct reciprocal and substantive cooperation in an effort to achieve faster and better economic growth for Eurasian countries and the region as a whole.

        Ladies and Gentlemen,

        Some of our foreign friends in the audience are frequent travelers to China, while some are here for the first time. But all of you have a keen interest in China's development. Since 1978 when Mr. Deng Xiaoping initiated the reform and opening-up policy, China has undergone world-shaking changes. The economy grew at an average annual rate of 9.4% for the past 27 years. It is estimated that by the end of this year, China's GDP will exceed US$ 1.8 trillion; trade volume will top US$ 1.38 trillion; accumulative paid-in foreign capital will be over US$ 600 billion; the number of approved foreign-invested enterprises will be more than 500,000; and a gigantic market with annual imports value at US$ 650 billion will emerge. Now, more than 400 companies among the Fortune 500 have already invested in China. Over 700 R&D centers have been established by foreign investors. China's socialist market economy has gradually taken shape. A framework of all-dimensional opening up has been basically put in place. The Chinese people's living standards have been generally raised from subsistence to moderate prosperity. But at the same time, we are also soberly aware that China remains the biggest developing country in the world, with a large population, weak economic foundation, unbalanced development, mounting resource and environment pressure and a less-than-satisfactory level of living standards for the people. The way toward a modernized China remains long and arduous.

        China has clearly identified the goal for the first two decades of this century, namely, to raise GDP to USS 4 trillion and bring the per capita level to US$ 3,000 within 15 years. The main objectives for the coming five years, a period covered by the Eleventh Five-year Program for National Economic and Social Development, are to double the per capita GDP of the year 2000 by 2010 on the basis of optimizing structure, boosting efficiency and cutting resource consumption and to reduce by 20% the current level of energy consumption for every 10,000 yuan of GDP. In order to attain this goal, we will consistently guide the overall economic and social undertakings with a scientific concept of development, adhere to the policy of expanding domestic demand, stay on the course of new industrialization, speed up restructuring, change the mode of economic growth, improve the capacity of independent innovation, continue to deepen reform, open even wider to the outside world, promote coordinated development across different regions, intensify efforts to build a harmonious society and earnestly gear the economic and social undertakings onto the track of scientific development.

       China is an important country in Eurasia. It cannot develop in isolation of the world, still less in isolation of Eurasia. In the same sense, the world or Eurasia cannot develop in isolation of China. China's development means significant opportunities for other countries, especially those in Eurasia. The stable and harmonious political and social climate, sufficient and skilled labor and the potentially huge market all make China an ideal place for mutually beneficial economic cooperation, especially for the Eurasian countries. We are pleased to see that, as a result of our relentless efforts over the years, marked progress has been achieved in the central and western regions and the old industrial bases in the northeast, holding out bright prospects. We welcome the active participation of Eurasian countries in China's western region development and revitalization of the old industrial bases in the northeast so as to add to the dynamism and momentum in our mutually beneficial cooperation. Given the traditional friendship and strong economic complementarily between China and the Eurasian countries, the Chinese Government will encourage and support Chinese enterprises in their efforts to trade with and invest in the Eurasian region for the benefit of common development. China will continue to follow the policy of "fostering good-neighborly relationships and partnerships with neighboring countries" and "bringing harmony, security and prosperity to the neighborhood". It will stay steadfastly on the path of peaceful development.

        Ladies and Gentlemen,

        To revitalize the Eurasian economy and build a harmonious and prosperous region is the common aspiration and a historical task for all governments and people in the region. Let us join hands in writing a new chapter of glory and success for the Eurasian economic cooperation.

        To conclude, I wish the Forum a complete success. Thank you.