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Visiting Chinese President Hu Jintao presented on Wednesday the remarkable economic growth in China to attract more US businesses and expertise.

 

"China's development will present enormous business opportunities to the US and other countries. China has a huge market and big demand for America's advanced technologies and management expertise," said Hu at a luncheon in Seattle hosted by the Washington State, the Seattle business community and local organizations.

 

Hu said these huge opportunities were presented as China had been witnessing a steady economic growth during the 1978-2005 period, with an average annual GDP (gross domestic product) growth rate of 9.6 percent and total import and export volume up over 16 percent annually.

 

During this period, China's GDP increased from US$147.3 billion to US$2.2257 trillion, and its total import and export volume went up from US$20.6 billion to US$1.4221 trillion, according to Hu.

 

With the approval of the establishment of 530,000 foreign invested companies and a total of US$620 billion in actual foreign direct investment, China would further open the sectors of banking, insurance, securities, distribution and accounting to foreign businesses, Hu said.

 

Meanwhile, he promised that "China will continue to follow the strategy of boosting domestic demand" as its economy is now in a new period of growth.

 

There will be massive input in industrial upgrading, infrastructure building, environmental protection and expansion of social programs, he said.

 

"China will continue to take positive steps to increase import," he said. "China's total import volume in the next five years will exceed US$4 trillion."

 

The Chinese president expressed the hope that American companies would seize the opportunities, aggressively expand their share of China's market and continue to enhance their business ties with China.

 

"Let us work in partnership to foster mutually beneficial cooperation, strengthen common development and promote the all-round growth of the constructive and cooperative relationship between China and the US," Hu said.

 

Hu arrived here on Tuesday for his first state visit to the US, with Seattle being the first stop of his four-day stay in the country.

 

The US is the first leg of his five-nation tour, which will also take him to Saudi Arabia, Morocco, Nigeria and Kenya.

 

(Xinhua News Agency April 20, 2006)