Zhu was addressing the opening ceremony of the second China-EU Business Dialog which began Monday morning. President Jacques Rene Chirac of France, the chair-nation of the European Union (EU), and European Commission (EC) President Romano Prodi, together with scores of European entrepreneurs, attended the dialog.

Over the 25 years of China-EU diplomatic relations, Sino-EU trade and economic cooperation have witnessed significant development, Zhu said. Bilateral trade volume has increased rapidly, and increasingly expanding economic and technological cooperation have benefited both China and the EU.

Zhu noted that the new century has ushered in hard-won opportunities for the further development of China-EU cooperation in trade and economic sectors. He said China's economy, which has recorded rapid growth, will enter a new stage of development in the 21st century.

China has started to implement strategies to develop its vast western areas, with infrastructure construction and environmental protection at its core. Overseas investments are also being sought there.

Innovation and upgrading of traditional industries as well as the development of high and new technological industries all call for international funds, technological support and management expertise.

The European enterprises have great advantages in these aspects and can play a part there, he said.

In addition, the premier stressed that China will honor its commitments after it assumes full membership of the World Trade Organization (WTO). Step by step, China will open its service sectors such as banking, insurance, telecommunications, foreign trade, domestic trade and tourism, he said.

China will also gradually adopt national treatment for overseas investors, he promised. The country needs to attract foreign investment, and particularly that from transnational corporations, to develop its high and new technological industries, restructure State-owned enterprises and build infrastructure facilities.

He said China will strive to improve its environment for overseas investment and operation and protect the legitimate rights of overseas investors.

All these measures will open new fields and provide new opportunities for Sino-EU trade and economic cooperation, Zhu said.

China, the largest developing nation in the world, and EU, a political and economic union of developed nations, are highly complementary in the economic sector. The Chinese government has always attached importance to Sino-EU relations and wishes to further expand the overall cooperation with EU, he said.

He expressed the hope that such business dialogues with the European Union will continue.

Chirac and Prodi also addressed this morning's opening ceremony.

Chirac said as one of the most friendly cooperative partners of China among the EU member countries, France has always supported China in its WTO accession process. He said France is willing to encourage French enterprises to invest and seek cooperation in China's central and western regions.

Prodi said the EU will continue to expand cooperation with China in diverse sectors. The ongoing business dialog is an important device for both EU and China to accelerate bilateral trade and economic cooperation, he added.

The agreement reached in May this year between EU and China for China's WTO accession will play an immeasurable role in the further development of bilateral relations, and above all, trade and economic cooperation, he said.

Prodi reaffirmed EU's willingness in further expanding cooperation with China and standing side by side with China in the face of future challenges.

Before the opening ceremony, EU's Trade Commissioner Pascal Lamy reiterated to entrepreneurs from China and EU that only with China's accession can WTO become a "world trade organization" in the real sense.

He said China will become an important member of the organization and EU is willing to, and has actually started, explorations and dialogs with China on the establishment of new bilateral economic and trade relations after China's WTO accession.

The establishment of the EU Chamber of Commerce in China and the bilateral business dialogue are among the concrete actions taken by the EU, he added.

During today's dialogue, over 400 entrepreneurs from China and EU held in-depth discussions on bilateral cooperation in the information industry and new areas of bilateral trade and economic cooperation after China's WTO accession.

(People’s Daily 10/23/2000)