MAIN PAGE | EVENTS & PROGRAMS | 2001 | IGM | SPEECHES | YU XIAOSONG
PACIFIC BASIN ECONOMIC COUNCIL
MAIN PAGE | EVENTS & PROGRAMS | 2001 | IGM | SPEECHES | YU XIAOSONG
Regional Vitality in the 21st Century
April 6-10, 2001 — Tokyo, Japan
Yu Xiaosong
Promoting Economic Cooperation and Revitalizing Asian & Pacific Economy Mr. Chairman, Ladies and Gentlemen: I have the great pleasure to be here and share with you my opinions on the revitalization of Asian and Pacific economy. The Asia and Pacific Region constitutes a large proportion in the world in terms of population and economic strength. Therefore, its economic situation will have direct impact on the world's economic and social stability. On the other hand, it has the most unbalanced regional development, with the most developed and underdeveloped countries coexisting with each other. It is also the most diversified region in terms of historical, cultural, and social development. Under the current situation of economic globalization, interaction between different countries will play more important role in their economic development. Therefore, to maintain stable economic growth of the region, we should give full consideration to its diversification, and promote mutually beneficiary economic cooperation. In this context, I would like to put my opinions as the following: 1: Developed countries or regions should take measures to create conditions for economic development We have some most influential developed countries in our region. The developing countries rely on them in terms of technology, capital and market. On the other hand, the economic taking off of these developing countries provides the developed ones with broader markets, and prompts the economic transformation of the latter from labor-intensive mood to technology and capital-intensive mood. The developed countries have more saying and initiative in the global economic cooperation of the current world. They should not neglect the need for development of those weak ones, when establishing the international cooperation mechanism. The underdeveloped countries possess the majority of world's population. Their economic stagnation will have negative impact to the economic globalization process, and thus is against the interests of those developed countries in the final stage. 2: The developing countries should stipulate their economic policies in accordance with their own conditions. Priority should be given to the improvement of people's living standard, environment, and human resources. Economic reform shall be carried out in seeking development opportunities in the economic globalization process. The vulnerability of the developing countries has been fully demonstrated in the Asian Financial Crisis. The most obvious is their incapability in controlling the rules of economic globalization, and financial market management in particular. Economic globalization is a mega-trend irreversible. With different social and cultural backgrounds, the developing countries could never carry out homogeneous type of reform. The only feasible reform is the one that can visibly bring about progress in people's living standard and environment in the economic globalization context. The success reforms of some countries and regions in our member economies in late last century have proved that it is possible to catch the opportunity for higher growth in the process of economic globalization. 3: Forecast of Asia Economy In spite of the unsatisfactory scene of Asian economy in recent years as well as the negative impact of economic recession in major developed countries, we have great hope for Asia's future development. First of all, Asian economies are now actively integrating themselves into the economic globalization and regionalization. Some have undertaken adjustments and reforms on factors that present development bottleneck and trigger financial crisis. Secondly, as a result of decades of high economic growth, the Asia's economic base was not easily devastated by the Asian Financial Crisis. The existing economic strength, foreign trade volume and output of major products of the region still accounts for 30% of the world's total. Asia is still in an important position in the global economy. The regional economic cooperation is also showing positive signs. The improvement of domestic circulation capability has laid good foundation for Asia's participation in international labor division, cooperation and competition. Furthermore, some countries and regions, including China, still maintain a fairly high growth rate, which will bolster the Asia economic development. We forecast that the Asia region, with 50% of world's population, will revitalize its economy and regain its high growth rate surpassing the world average, in the following ten years. 4: Strengthening Regional Exchange Mechanism on the Basis of Governmental and Non-governmental Cooperation The mutual beneficiary cooperation should be based on mutual understandings and exchanges. We are glad to see that people from the Asian and Pacific region have fully realized its importance, and are making all efforts to promote this mechanism. Your presence here clearly proves your support to this PBEC Meeting. China has launched its "Tenth Five-Year Plan" for economic development, with annual growth rate expected to be 7%. China also put great emphasis on its reform, so as to comply with the economic globalization process. It is known to all that we started our negotiations for GATT membership resumption and WTO admission 14 years ago, and now we have come to the final stage. We are busy doing all necessary preparations in our legislative and economic fields for the entry. As for cooperation within the Asian and Pacific region, China is always in an active and positive position. During the Asian Financial Crisis, China kept its financial policy as not to depreciate its currency, and took proactive fiscal measures to stimulate its domestic demand, which was conducive to the stability of regional economy as a whole. China is also supportive to the regional exchange mechanism, with our state leaders attending international meetings within the region for several times. Furthermore, China is the sponsor of APEC Leaders' Informal Meeting and APEC CEO Summit of 2001. Please allow me, in the name of Chairman of APEC CEO Summit 2001, to take this opportunity to brief you this CEO Summit. This meeting will be held in Shanghai Pudong Shangri-La Hotel from Oct 18-20th this year. State leaders and ministers of APEC economies, world-famed businessmen and scholars, and representatives from international organizations will be invited to make keynote speeches in the summit, in accordance with the theme: "New Century, New Economy." They will also exchange ideas with participants on the regional economic development in the new century. Summit participants will consist of business executives from the most dynamic enterprises in the region. PBEC is the most important non-governmental economic organization in the Asian and Pacific region, and you are all representing its economic traditions and development dynamics. Therefore, I sincerely welcome you to Shanghai for the APEC CEO Summit. I await your arrival, and the Chinese business community awaits your arrival. Thank you. |
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