Chinese President Hu Jintao Monday said China will firmly take an opening-up policy to have greater involvement in international cooperation and competition and to create better conditions for foreign investors.

"China has maintained rapid economic development, and this helps improve the people's living standard and social construction and also promotes economic and technological cooperation between China and other countries," he said.

During a meeting with some participants of the 2005 Fortune Global Forum, Hu expressed gratitude for the contribution of the entrepreneurs in China's economic and social development, as well as their concern for China's reform and modernization drive.

He said it is the third time for China to host the Fortune Global Forum, following the Shanghai forum in 1999 and Hong Kong forum in 2001. The theme of "China and New Asian Century" demonstrates international business has paid much attention to the economic development of China and Asia, and also shows China is open to world economic cooperation.

Hu said the Fortune Global Forum provides an important platform for the world business circles to participate in the economic development of China and Asia, and he hoped the participants could explore a way of cooperation through the forum and score common interests on an equal footing.

Leaders of 77 enterprises of the top 500 world enterprises, including GE, Shell, Sony, and BMW, attended the meeting. Entrepreneurs from Hong Kong, Macao and Taiwan also attended the meeting.

Richard Parsons, chief executive officer and chairman of the board of the Time-Warner Group of the United States, said the presence of the entrepreneurs shows China's dynamic economy and its important role in the global economy.

He said he is expected to discuss great changes happening in China and the way to build up relations with China. "We are happy to choose Beijing as the venue for the forum, and we will make it become a focal point of the world business circle," he said.

The Fortune Global Forum 2005 is held from May 16 to 18. Over 800 delegates from around the world are attending the event.

Source: Xinhua