Jiang extended warm welcome to the participants on behalf of the Chinese government and people as well as in his own name, noting that he has attended many sessions of APEC CEO Summit to discuss Asia-Pacific economic cooperation and development with business leaders in the region.

It is of significance that the APEC CEO Summit 2001 Shanghai is devoted to the theme of "New Century, New Economy: Developing in a Globalizing World", Jiang said.

President Jiang Zemin reiterated that China will continue to work hard to develop with all other countries and regions in the world an economic relationship that features cooperation, mutual benefit, all-win and common prosperity.

"To develop the New Economy, we must not only update our economy with advanced science and technology, but also, in response to this new trend of development, revamp the economic structures, systems and mechanisms accordingly, readjust the economic relationships between states and between enterprises, and update our philosophies and concepts for economic and technological cooperation across national boundaries," Jiang said.

Under the New Economy, he noted, the key lies in a full implementation of the spirit of development through multilateral cooperation in world economic affairs.

All countries or regions, regardless of ethnicity, history, culture, social system and level of economic development, should respect each other, seek common ground while setting aside differences, learn from each other to offset their own weakness, coexist peacefully, work for the establishment of a new, fair and rational international political and economic order and strive for common growth and prosperity through consultations and cooperation.

"Here in lies not only the fundamental solution to the problems in the world economic development, but also an essential condition for development of the New Economy in the new century," Jiang said.

On economic globalization and trade liberalization, the Chinese president said that to put the issues in their right perspective is of overarching importance to a healthy development of the global economy.

"They are generally conducive to world economic development," he said, adding that one must not overlook that given the unevenness of global economic development, any improper handling of this process will bring a negative impact on developing countries and small and medium-sized enterprises (SMEs).

In view of this, he said, the World Trade Organization (WTO), APEC and national governments should give full regard to the interests of the "vulnerable" countries and peoples while pushing forward economic globalization and trade liberalization.

"We must carry forward the spirit of development through cooperation and vigorously strengthen economic and technical cooperation," Jiang said.

In addition, he stated "we must make mutually beneficial cooperation a part and parcel of economic globalization and trade liberalization so as to ensure their sound development."

China is the most populous developing country in the world. The country cannot develop itself in isolation of the world and the world also needs China for its development.

"We sincerely hope to see increased cooperation with all other APEC members and all the countries and regions in the world for common development. We have full confidence in the prospects for China's development in the new century," he said.

After China's WTO accession, the country will participate in international economic cooperation and division of labor on a larger scale and in greater depth.

To effectively fulfill its WTO obligations and commitments, China is reviewing and amending existing laws and regulations as required by the WTO rules.

"We will continue to work hard to develop with all other countries and regions in the world an economic relationship that features cooperation, mutual benefit, all-win and common prosperity," he pledged.

China will also develop its economy further and open itself still wider to the outside world, which offers more business opportunities to overseas enterprises.

Since China's reform and opening up, the president said, Chinese enterprises have vigorously undertaken economic and technological cooperation with overseas enterprises and scored tremendous achievements.

While helping Chinese enterprises develop, overseas enterprises have also benefited from it, resulting in mutual benefits and an all-win situation.

He reassured that "the Chinese government stands ready to continue to offer facilities and necessary conditions for closer cooperation between Chinese enterprises and their overseas counterparts."

(Xinhua News Agency October 19, 2001)