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KUALA LUMPUR, Dec. 12 (Xinhuanet) -- China's economic development not only benefits its 1.3 billion people, but also provides more opportunities for other East Asian countries, Chinese Premier Wen Jiabao said here on Monday.
In his speech to the East Asia Summit Leaders Dialogue -- "China's
Peaceful Development: An Opportunity for East Asia," Wen said that with import
growing by an average annual rate of over 15 percent in recent years, China
ranks the world's third largest and Asia’s largest importer.
In 2004, China's import from other Asian countries and areas grew by
35 percent over 2003 to about 370 billion US dollars, and with growing domestic
demands, China will import from other Asian countries more than 2 trillion
dollars of goods in the next five years, said the Chinese premier.
Overseas investment by Chinese companies has also registered an
annual growth of over 20 percent, with 80 percent made in Asia. As Chinese
companies continue to expand in business, China will contribute more
significantly to Asia's economic growth, he said.
China is committed to maintaining Asia's financial stability. Back in
the 1997 financial crisis, China resisted pressure to devalue its currency, thus
contributing to Asia's economic stability, Wen noted.
Over a decade ago, China set itself the goal for reforming the
renminbi exchange rate regime, namely, establishing a managed floating exchange
rate regime based on market supply and demand. China has since then worked to
pursue this goal by improving the renminbi exchange rate regime, he said.
China took a crucial step in reforming the renminbi exchange rate
regime last July. Instead of pegging the renminbi to just the US dollar, China
adopted a managed floating exchange rate regime based on market supply and
demand under which the renminbi is adjusted with reference to a basket of
currencies, and the exchange rate was also properly adjusted and floated, he
added.
In introducing this reform and adjustment, China has taken into
consideration both its own economic and financial stability and the impact of
such reform and adjustment on the economic and financial stability of China's
neighbors, the whole region and the world at large, Wen said.
China will also take an active part in energy cooperation on the
basis of mutual benefit, Wen said, adding that China is ready to strengthen
energy dialogue and cooperation with other countries to ensure global energy
security and stability.
Being both a major energy producer and a major energy consumer, China
meets over 90 percent of its overall energy demand with domestic supply, and
will adhere to the policy of meeting its energy need mainly through domestic
supply, he said.
China will promote both energy development and energy conservation,
and give top priority to energy conservation, Wen said, adding: "Our goal is to
cut the use of energy per unit of the GDP by about 20 percent by 2010, and
achieve energy conservation and efficiency for the whole country."
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