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Strategies & Market Trends : True face of China -- A Modern Kaleidoscope -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (627)	11/17/2006 10:09:27 AM
From: RealMuLan	Read Replies (1) \| Respond to of 12464

Help poorer nations, Hu tells CEOs A correspondent in Hanoi November 18, 2006 theaustralian.news.com.au CHINESE President Hu Jintao has called on multinational corporations to help redress imbalances in the world economy by investing more in developing countries. "You are business leaders in the Asia-Pacific," Mr Hu said in a speech to top executives at the Asia-Pacific Economic Co-operation forum in Hanoi. "With rich experience in international business, you can and should play an active role in facilitating economic and technical co-operation and common development in our region." Mr Hu, who heads China's ruling Communist Party, pledged support for other developing nations and urged other governments to boost aid "with no strings attached" to poorer nations. "To narrow the development gap and promote common development remains a major challenge facing us," he said. "The Asia-Pacific region is full of vigour and vitality and has a bright future. At the same time, we must not lose sight of the fact that while the Asia-Pacific as a whole enjoys economic growth, imbalance remains a major problem." Given the effusive praise of those at the chief executives summit for China's economic performance - as well as for that of host Vietnam - Mr Hu appeared to be preaching to the converted. "I have come to deeply admire the excellent leadership of President Hu," said Martin Sullivan, president and chief executive of insurance giant American International Group. Vietnam, due to join the World Trade Organisation next month after two decades of market-oriented economic reforms modelled at least partly on China's own hybrid economy, drew accolades as well. Mr Hu made no direct references to Vietnam in his speech, but he decried the obstacles all developing countries face, as well as risks from international terrorism, natural disasters and epidemics. "Some developing countries have not gained their fair share of benefit from economic globalisation," he said. "To narrow the development gap ... remains a major challenge facing us." Mr Hu's starring role at the summit is a reflection of China's burgeoning influence in the Asia-Pacific region. Unlike US President George W.Bush, limping after the Democratic Party seized control of both houses of Congress, Mr Hu has been consolidating his power. As head of the ruling Communist Party, he faces no elections and no formal political opposition. And analysts say China's soaring economy and increasingly assertive diplomacy have raised its stature in gatherings such as the APEC summit at a time when US influence appears to be fading. "Ten years ago, there could be little doubt that the United States was the dominant economic force in Asia - probably followed by Japan," said Greg Mastel, chief international trade adviser at Miller & Chevalier in Washington. "Obviously, Washington and Tokyo are still important, but Beijing's economic rise has been meteoric." Mr Hu began his Vietnam stay with a formal state visit, touring the port city of Danang, a magnet for foreign investment. He also made a brief stop in the scenic, ancient town of Hoi An before travelling on to the Vietnamese capital for the APEC summit.