direct investment grew by 12.2 percent. As has been shown, China's sound and steady economic growth has not only benefited its 1.3 billion people, but also offered enormous business opportunities to other countries and promoted the growth of the world economy.

On the other hand, we are keenly aware that China remains the largest developing country in the world with a huge population, weak economic foundation, uneven development and that its standard of living is still low. There are still some pressing institutional and structural problems which constrain China's economic development and need to be addressed. For instance, there is imbalance in international payments, pressure on resources and the environment is mounting, and there is an urgent need to conserve energy and cut pollutant discharge. We still need to make arduous effort to ensure that China's economy keeps steady and fairly fast growth.

The Chinese Government places high importance on sustainable development. It calls for following the scientific thinking on development that puts people first and promotes comprehensive, balanced and sustainable development. And it is working hard to achieve sound and fast economic and social development. China will continue to follow the path of a new type of industrialization that is science and technology-driven, cost-effective, resource efficient, causes less pollution to the environment and taps the full potentials of human resources. We will speed up readjusting the economic structure and changing the pattern of economic development. We will quicken the pace of developing a circular economy and building a resource efficient and environment friendly society. We will ensure that production and consumption meet the requirement of sustainable development, and we are working to promote the sustainability of the eco-system and socioeconomic system and advance comprehensive economic and social progress and all-round development of our people.

Ladies and Gentlemen,

Dear friends,

Since its accession to the WTO, China has honored its commitments in good faith. It has adjusted its trade policy in keeping with the WTO rules. In the five-year transitional period, China has drastically cut its average tariff, which has dropped from 15.3% upon accession to the present 9.9%. The level of openness of its service trade sector is approaching that of developed countries, and this has made China one of the most open service markets in the world. We will continue to implement a win-win opening up strategy and support the establishment of a fair, open, equitable and non-discriminatory multilateral trading regime. We are committed to pursuing development in an open environment and achieve common prosperity of all countries through mutually beneficial cooperation.

China takes an active part in regional economic cooperation and promotes trade and investment liberalization and facilitation in the Asia-Pacific region. China has concluded free trade agreements with ASEAN, Chile and Pakistan. It is now conducting free trade area negotiation with Australia, New Zealand and Singapore and feasibility studies with India and the Republic of Korea on free trade areas. We are ready to forge closer business ties with other APEC member economies and non-APEC countries and regions on the basis of equality and mutual benefit.

The growth of international trade has benefited all countries. China's enormous domestic demand and vast domestic market are driving its economic growth. China does not seek a large trade surplus. It will continue to transform the pattern of trade growth, increase import, and strengthen protection of intellectual property rights to ensure coordinated and balanced growth of import and export and contribute to the sustainable growth of global trade.

China takes the quality and safety of its export products very seriously and follows a highly responsible approach towards it. From product manufacturing to transportation and import and export, we are making every effort to ensure product quality and safety. And we are enhancing relevant legislation, law enforcement, supervision and regulation. China is willing to step up cooperation in product quality and safety with other parties and increase exchanges and consultation to improve product quality and safety in international trade.

China always takes a responsible position regarding climate change. The Chinese Government has formulated and released a national program on addressing climate change and has taken a series of steps, including enhancing energy efficiency, improving energy mix, strengthening environmental protection, slowing population growth and improving the legal framework. It has set the targets of bringing down energy consumption per unit of GDP by 20%, cutting the total discharge of major pollutants by 10% and increasing forest cover from 18.2% to 20% between the end of 2005 and 2010. China will increase exchanges and cooperation with other countries to jointly tackle global climate change.

Ladies and Gentlemen,

Dear friends,

Common development is what China pursues in taking part in Asia-Pacific cooperation. I am convinced that if we seize the opportunity, deepen cooperation and strengthen our community, we can certainly build a sustainable future for the Asia-Pacific region.

Thank you all.

(Source: www.fmprc.gov.cn)