China's economy has entered a new growth stage with its opening
up to the outside world broadening room for further economic
growth, Chinese Finance Minister Jin
Renqing said?Tuesday.
Addressing the plenary session of the World Bank Group and
International Monetary Fund (IMF) annual meetings, which formally
kicked off in the Gulf emirate of Dubai Tuesday, Jin said the
intrinsic vitality of China's economy has been remarkably enhanced,
and a number of new growth points are emerging in automobile, real
estate, electronics and telecommunications sectors.
Despite the unfavorable external environment and the outbreak of
SARS, the Chinese economy has maintained higher growth, he
said.
In the first half of 2003, China's GDP grew by 8.2 percent,
compared to the same period of last year. The projected target of
seven percent annual growth will be achieved, he told the delegates
attending the opening session.
In order to achieve the overall objective of maintaining stable
economic growth, the Chinese government will continue to stimulate
domestic demand, ensure the continuity of macroeconomic policies
and push forward reforms to address problems inherited in economic
system, he said.
"Emphasis will be given to rural development, corporate and
financial restructuring, and government institutional improvement,"
he added.
On the role of the World Bank and IMF in promoting sustainable
economic development, the Chinese finance minister said the mandate
of the World Bank is to promote economic growth, reduce poverty by
transferring real resources and achieve equitable global economic
development.
"To meet this goal, the Bank should stick to its mainstream
business by providing investment loans to clients countries and
scale up effort to support infrastructure action plan."
He noted that the IMF continues to play a irreplaceable role in
promoting monetary cooperation among its members and maintaining
global financial stability.
"China appreciates the work of the Fund in crisis prevention and
resolution, and encourages the Fund continue to help low-income
countries in debt reduction and economic recovery."
The Chinese finance minister also urged developed countries to
increase development assistance to developing countries.
"The inadequacy of official development assistance (ODA) is a
big hurdle in achieving Millennium Development Goals (MDGs).
"The reduction of trade barriers by developed countries,
especially in the area of agriculture subsidies, holds the key for
the success of Doha development round," he said.
"China hopes that all parties will make concerted efforts to
promote the trade talks. Developed countries, in particular, should
take due responsibility to abandon trade protectionism, lower
barriers and further open up their markets," the Chinese minister
said.
(Xinhua News Agency September 24, 2003)