China's speedy development in the past 20 years is closely associated with international cooperation, thus China likes to push forward economic cooperation with ASEM members and other countries, said Chinese Vice Premier Wu Yi when addressing the opening ceremony of the fifth ASEM Economic Ministers' Meeting.

The meeting officially convened in Dalian Thursday morning. More than 250 delegates from 26 ASEM members discussed six main issues like world economy, WTO talks, trade and investment facilitation, Asia-Europe cooperation, etc.

Vice Premier Wu also promised that the Chinese government will continue its reform and opening-up policy, fulfilling its commitment toward the World Trade Organization.

In recent years, China has quickened its pace to establish a free trade zone with ASEAN and strengthen its economic ties with the European Union and East Asian countries. Among the ASEM members, Japan is the biggest trade partner of China, while EU, ASEAN and the Republic of Korea rank third, fifth and sixth respectively.

She also hoped that the meeting will lay foundations for the upcoming Cancun WTO Ministerial Conference.

"The recent Iraqi War, SARS epidemic, the forex fluctuation of the US dollar and a series of terrorist activities have slowed down the recovery of the world economy. I believe that through the ASEM Economic Ministers' Meeting, Asian and European leaders will exchange opinions and seek solutions to accelerate recovery," Wu said.

As for the SARS epidemic, Wu expressed first on behalf of the Chinese government thanks for the support from ASEM member countries. She said that the epidemic had caused a negative impact on China's tourism, restaurants, hotels and transportation, but these SARS-hit industries were rebounding quickly after WHO lifted the travel warning and removed Beijing from the SARS list on June 24.

"The negative impact of SARS on China's economy is only short-term. We are confident of 7 percent economic growth this year," Wu pointed out.

China's GDP increased 8.2 percent in the first half year, while the volume of import and export reached US$376.1 billion. In addition, the actual utilized foreign direct investment from January to June reached US$30.2 billion, up 34.33 percent over the same period last year.

"China has set the goal to build a well-off society with GDP of US$4 trillion in 2020. Meanwhile, the total volume of import and export will also be doubled. The goal not only benefits the Chinese, but also contributes to the world economy," she said.

The representatives from four ASEM coordinators -- European Commission, Italy, Japan and Vietnam -- also delivered speeches at the opening ceremony.

Chairman's Statement of the Fifth ASEM Economic Ministers' Meeting is expected to be released after the meeting concludes this afternoon.

The next ASEM Economic Ministers' Meeting will be held in the European port city of Rotterdam in 2004. Robert Madelin, director for Trade Relations with Asia under the European Union, had formally invited Economic Ministers of ASEM members to visit European port City Rotterdam at Wednesday's news conference.

(China.org.cn by staff reporter Tang Fuchun, July 24, 2003)