Wen: China to unswervingly follow opening up policy

(Xinhua)
Updated: 2007-11-19 22:24

SINGAPORE - Chinese Premier Wen Jiabao said here on Monday that China will unswervingly follow the opening up policy, move up value chain as the country participates in economic globalization, and focus on addressing new issues in opening up that have arisen under the current circumstances.

Chinese Premier Wen Jiabao delivers his speech at the National University of Singapore in Singapore on Nov. 19, 2007. Wen said that China will unswervingly follow the opening up policy, move up the value chain as the country participates in economic globalization, and focus on addressing new issues in opening up that have risen under the current circumstances. [Xinhua]

Delivering a speech entitled "Only an Open and Inclusive Nation Can be Strong" at the the National University of Singapore (NUS), Wen said the 17th National Congress of the Communist Party of China convened in October highlighted China's resolve to pursue reform and opening up and build socialism with distinctive Chinese features and its confidence in accomplishing this endeavor.

"We stand for free trade and oppose protectionism," he said, "We will speed up changing the mode of trade growth, improve trade mix and strive to reduce trade imbalances."

The Chinese premier said China is committed to the basic policy of using foreign capital and will develop innovative ways of using foreign capital, improve its structure and raise its efficiency.

"We will continue to follow an independent, gradual and controllable approach in improving the Chinese yuan exchange rate mechanism, increase its flexibility and gradually make the Chinese yuan convertible under the capital account," he said.

"We take product quality and food safety seriously and work to uphold the interests of both Chinese and foreign consumers," he said.

He added, "We comply with international standards in production and have enhanced law enforcement of and supervision over product testing and inspection."

China is fully committed to protecting intellectual property rights (IPR) and has made a lot of effective efforts in this area, he said, adding that the country stands ready to deepen cooperation in IPR protection with other countries.

On the issue of climate change, Wen said China is ready to work with all other countries to jointly tackle climate change within the framework of the UN Framework Convention on Climate Change and the Kyoto Protocol and in accordance with the principle of "common but differentiated responsibilities".

"We have put in place the legal framework governing opening up and will continue to improve it to place foreign investment activities in China under the rule of law and protect the lawful rights and interests of foreign investors," said the premier.

Wen arrived in Singapore on Sunday afternoon for an official visit to the country at the invitation of his Singaporean counterpart Lee Hsien Loong.

It is the first visit by a Chinese premier to Singapore in eight years.