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Hu: China, Asia becoming new growth engine for world
Updated: 2005-05-16 20:12

Chinese President Hu Jintao said Monday that with surging economic globalization, China and Asia are quickly becoming a new growth engine for the world while the global boom is also generating more important opportunities for China and Asia.

Hu made the remarks in an address delivered at the opening ceremony of the 2005 Fortune Global Forum held in China's capital of Beijing.

"Continued mutually-beneficial economic cooperation and rising interdependence among the world's countries will usher in an even better future for global economy in development," said Chinese President.

The Chinese people have made a major contribution to human progress by creating the splendid Chinese civilization with hard work and ingenuity, said Hu.

Since 1949, when the New China was proclaimed, and particularlysince the implementation of reform and opening-up program pioneered by Deng Xiaoping in 1978, China has undergone a profound transformation never seen in the country before. In a short span of 26 years from 1978 to 2004, China's GDP increased from 147.3 billion US dollars to 1.6494 trillion US dollars with an average annual growth rate of 9.4 percent.

Its foreign trade rose from 20.6 billion US dollars to 1.1548 trillion US dollars, averaging an annual growth rate of over 16 percent. China's foreign exchange reserve increased from 167 million US dollars to 609.9 billion US dollars.

The number of rural poor has dwindled from some 250 million to 26 million. The overall national strength of China has increased remarkably and the texture of life of its people improved steadily.

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