Distinguished Guests,

Ladies and Gentlemen,

It gives me great pleasure to attend the Hong Kong-Guangdong Business Seminar today. First of all, on behalf of the Chinese Embassy, I would like to extend a very warm welcome to Governor Huang Huahua, Chief Secretary for Administration Mr. Donald Tsang and the delegations headed by them respectively. I would also like to offer my warmest congratulations for the opening of this grand Business Seminar.

Recent years have seen a rapid development of China-UK relationship. This May, Premier Wen Jiabao paid a successful visit to the UK. The two sides issued a Joint Statement and established Sino-British Comprehensive Strategic Partnership. Six areas were identified as priority areas for future bilateral cooperation and mechanism for annual exchange of visits between the leaders of the two countries was initiated. China-UK relationship has ushered in a new stage of development.

Trade and economic cooperation not only constitutes an important base for bilateral relationship, but also forms an important part in Sino-British Comprehensive Strategic Partnership. UK is one of the major economies in the world, with advanced technologies and a leading financial service sector. China has rich labour resources and a huge market of immense potential. Our two economies are highly complementary to each other. There exists great potential and a bright prospect for bilateral trade and economic cooperation. Against the backdrop of rapid advancement of economic globalization and regional economic cooperation, deepening bilateral trade and economic cooperation and giving full play to each other's comparative advantages are of great importance in striving for common prosperity and common development for both China and UK, and China and EU.

Ladies and gentlemen,

Building a well-off society in an all-round way is the strategic task China has set for itself in economic and social development in the first 20 years of this century. The coming 16 years will witness a rapid, sustained and coordinated development of China. By the year 2020, China's GDP will be quadrupled that of 2000 and is expected to exceed 4 trillion US dollars. Realization of this goal will not only bring benefits to China's 1.3 billion people, but also give a big boost to China's extensive cooperation with other countries.

The experiences China has accumulated from its 26 years of reform and opening have told us that China's development needs the world, and the world prosperity also needs China. International cooperation based on the principle of equality and mutual benefit is the only way to achieve common development.

The Chinese Government will continue to carry forward the policies of reform and opening up, sincerely fulfill its WTO commitments, gradually open the service sector, further improve the investment environment, continue to attract foreign direct investment and improve both the quality and level of the utilization of foreign capital.

China is actively implementing an opening policy featuring both "taking-in" and "going-out". The Government has been encouraging those Chinese enterprises which have the capability and strength to invest overseas and promote common development of both China and the world economy. China will actively conduct multi-dimensional, multi-area and multi-layered cooperation with all countries in the world, including the UK, in order to realize common prosperity.

Ladies and gentlemen,

China attaches great importance to its cooperation with UK and EU, and is ready to develop long-term friendly trade and economic relationship with UK and other EU countries. UK is China's important investor and a leading trading partner. It's gratifying to note that bilateral trade, economic and technological cooperation has enjoyed a rapid advancement in the past few years. Last year, our two-way trade reached 14.4 billion US dollars. In the first 8 months of this year, bilateral trade increased by 40% and is estimated to top 18 billion US dollars by the end of this year. UK is now No.2. investor in the world and No.1 investor in China among EU countries. So far, 4000 British enterprises have established themselves in China. By the end of 2003, UK's accumulative investment in China stood at 11.4 billion US dollars. Recent years have also witnessed a rapid growth of Chinese investment in the UK. According to British statistics, about 300 Chinese enterprises have invested or opened offices in the UK.

Further promoting Sino-British trade and investment cooperation is an important task for both sides. The convening of Hong Kong-Guangdong Business Seminar in London is of particular importance for expanding bilateral trade and economic cooperation. As you all know, Pearl River Delta is the most dynamic and the fastest growing region in China. Guangdong Province is the biggest provincial economic power in China and serves as an important window for opening to the outside world. Its GDP accounts for 11.5% of the total national GDP. And its imports and exports make up 1/3 of the national total. Hong Kong is a world-renowned free port for trade and economic cooperation and an ideal place for investment. Hong Kong remains the financial, trade, communication and transportation center of the region. In recent years, HKSAR government has adopted a series of measures to stabilize investment, boost consumption and promote trade which have contributed to a sound development of Hong Kong's economy. The introduction of CEPA, the Closer Economic Partnership Agreement earlier this year and rapid growth of the pan-Pearl Rival Delta area have injected new vigour and vitality into the economy of both Guangdong and Hong Kong. All these have presented new opportunities for British entrepreneurs to invest in Guangdong province and Hong Kong SAR.

The opening of this Business Seminar in London, jointly held by the Provincial Government of Guangdong and the Government of HKSAR in London today has provided an excellent platform for cooperation. I hope that all representatives and entrepreneurs coming from all parts of the country will make full use of this opportunity to exchange views on expanding two-way trade and investments, and exploring new means for enhancing cooperation. You will be able to find huge business opportunities and form new partnerships. I am sure this Seminar will make positive contribution to tapping the great potential and further development of our bilateral trade and economic cooperation.

Finally, I wish the Hong Kong-Guangdong Business Seminar a complete success and great achievements for all participants in your business.

Thank you!