Leaders from members of Asia-Pacific Economic Cooperation (APEC) forum and the World Trade Organization (WTO) spoke on achieving sustainable economic growth and reviving multilateral trade at the 2003 APEC CEO Summit which opened in Bangkok Sunday morning.

 

In his opening address, Thai Prime Minister Thaksin Shinawatra stressed the importance of sustainable growth of economy and urged the private sector to contribute more to the economic development.

 

"Growth will be of real benefit only if it is sustainable," he said.

 

The theme of this year's CEO Summit is "Purpose - Progress - Prosperity; Strengthening APEC for Sustainable Growth."

 

Thaksin said APEC will be "the real engine of stable growth for the entire region" once it finds the solution to stabilize trade and investment flows in a manner that is "profitable, secure, and fair to all."

 

The Thai prime minister also said the private sector is vital to the economic development. He called on leaders of the private sector to work together with governments to realize "our common aspirations of greater prosperity for all."

 

Thaksin expressed his belief that the knowledge-based economy will fulfill the APEC commitment in capacity-building of people, especially the disadvantaged.

 

At the same time, he praised the wise choice of "partnership of strength" made by the APEC leadership to cope with a world of differences, diversity and increasing interdependence.

 

Chinese President Hu Jintao told business leaders that China's reform and opening up and its economic growth present win-win outcomes and mutual benefit for the whole world.

 

Answering questions after delivering a keynote speech at the CEO Summit, Hu said China's opening up has won the country broader room for development, and has made it possible for China to acquire the important resources of capital, technology and managerial expertise.

 

"China will continue to take an active part in global and regional economic cooperation, faithfully play by WTO rules and live up to our WTO commitment," the Chinese president said.

 

Hu's speech covered the valuation of the Chinese currency Renminbi (yuan), the situation of China's economic growth, economic and technical cooperation among APEC members, and reviving the stalled multilateral talks of the Doha Round under the World Trade Organization.

 

Hu stressed that a stable Renminbi yuan serves the sound operation of China's economy and conforms to the requirements for economic development in Asia and the whole world.

 

He said China would maintain the basic stability of the Chinese currency at a reasonable and balanced level, and take further steps to improve the rate-forming mechanism of RMB amid deepened financial reform.

 

On China's economic performance, Hu said the country's target of a 7 percent GDP growth set for this year "is well within reach." "China's economy remains in good shape with a strong momentum for expansion," he added.

 

The Chinese president, who will attend the 11th APEC Economic Leaders' Meeting Monday and Tuesday, urged member economies of APEC to strengthen their economic and technical cooperation to help turn potential markets into real ones.

 

Hu said that APEC can play a positive role in restarting the stalled multilateral trade talks of the Doha Round by keeping the forum's Bogor Goals of realizing free and open trade between its developed economies by 2010 and its developing members by 2020.

(Xinhua News Agency October 20, 2003)