Wu said foreign involvement will also very welcome in programmes updating and innovating the country's enormous traditional business sectors in a move to make them more competitive in the market as China becomes more and more integrated into the world economy, following its accession into the World Trade Organization.

"There is plenty of room for foreign investment as China carries out its industrial restructuring and upgrading process both in the agricultural and industrial sectors,'' said Wu. He added that China is to build 1,200 kilometres of railway and 2,200 kilometres of expressway in each of the next five years, giving foreign investors abundant business opportunities for good returns.

"I am confident that foreign investment can reap rosy returns by investing in these areas,'' said Wu.

Wu said the country is moving to ensure a fair market environment for all players.

He said the government would concentrate its efforts on moves to crack down on irregularities, such as fake and counterfeit products and infringements on intellectual property rights, which have already appeared as major barriers to the establishment of a sound market situation.

Rather than worrying about the possible negative influence of a downturn in the world economy, Wu said he is very confident of economic growth in China in the forthcoming years due to the fact that the growth of the economy will rely heavily on the growth of the domestic market, which enjoys substantial domestic demand.

Wu also stressed that the government would put more effort into promoting social security reform as a way of encouraging reform in ailing State-owned enterprises.

(China Daily 04/19/2001)