China to stick to economic opening-up policy

GENEVA - China will continue its economic opening-up policy and it stands ready to join hands with other countries to overcome the global economic difficulties, a senior Chinese official said here on Monday.

"We firmly believe that opening-up will generate unlimited vitality for trade as well as dynamism for economic growth. Under no circumstances will China change its opening-up policy," said Yi Xiaozhun, China's vice minister of commerce.

Addressing a WTO session reviewing China's trade policies in the past two years, Yi said his country was still going through a period of rapid industrialization and urbanization, a process that "will unleash enormous demand for investment and consumption."

"It is predicted that China's total imports will exceed US$7 trillion in the next five years," Yi told delegates from the world trade body's 153 members.

According to the official, many uncertainties still exist in the global economy, with major developed countries still in slow recovery and the international money and bond markets haunted by potential crisis.

In the meanwhile, China, which suffered severe impacts by both natural disasters and the global economic crisis, still faces a big challenge in creating jobs at home.

"China still has 150 million people living in poverty. We have to create jobs not only for 30 million unemployed people registered in cities, but also over 20 million people newly added to the working population every year," Yi said.

"Nevertheless, China is ready to join hands with other countries to overcome the difficulties," he added.

The official reiterated that "China firmly supports multilateralism and always regards the multilateral trading system as the cornerstone of its trade policy."

He also called for a successful conclusion of the long-stalled Doha Round trade negotiations, as it "is of great significance to realize rebound of the global economy and resist trade protectionism."

"China stands ready to make joint efforts with other members to conclude the Doha Round with an outcome that is comprehensive and balanced, delivering its development mandate," he said.