Respected Ambassador Joseph Prueher， Mr. Chairman，
Ladies and Gentlemen，
At the outset， may I express gratitude to AmCham-China for holding this Appreciation Dinner that enables us to meet so many friends.
There are 25 days to go before the entire human kind embraces a new century and another millennium. In retrospect， we are pleased to take note the constant reinforcement of Sino-US cooperation and communications in trade and economy. With the expansion of bilateral trade and investment collaboration， Sino-US economic and trade ties have become a crucial part of the overall bilateral relations. An important source of vigor in the energetic development of Sino-U.S economic and trade cooperation derives from the active promotion of enterprises on both sides. This year， the economic and trade relations between the two countries developed steadily and made many positive achievements. The PNTR issue， which has nagged the bilateral trade for quite a long time， was eventually solved this year. It has once again proved that a stable and healthy Sino-US economic and trade relationship both serves the fundamental interest of the two countries， and represents the common aspiration of the two peoples. What I would like to specially point out is that the American Chamber of Commerce in China has done enormous work effectively for the sound development of Sino-US trade relations and the passage of PNTR for China in the United States. We do appreciate your contribution and congratulate on your achievement.
China， as the biggest developing country， holds one fifth of the world population and boasts broad market. Therefore， China can't develop in isolation of the world， neither can the world prosper in the absence of China. Today， as the economic globalization continues， no influential international organization will be complete or representative with broad base if keeping China as an outsider of it. China has dedicated years of efforts to join the World Trade Organization. For the time being， the accession process has entered into the final stage. As China accelerates the drafting of multilateral protocol on its accession to the WTO， it won't be long before China becomes a full member of this organization. Following the accession， China will take a more active stance in further deepening its reform and opening-up， steadily promoting deregulation in service sectors such as finance， insurance， telecommunication， foreign trade， domestic trade and tourism， and gradually granting national treatment to foreign investors. China's entry into the WTO is not only conducive to China's reform and opening-up process， but also beneficial to global prosperity. And for sure， every member of that organization including the United States， will be rewarded with paramount benefit alongside the wider opening of Chinese market.
The economic globalization has become an irreversible historical trend. The information-based new economy represented by the Internet economy is advancing vibrantly. The enormous vitality and promising future of the new economy has caught attention from the governments and enterprises of all countries around the world since it it regarded as a new growth point for the world economy. Developed countries including the United States， with their strong economic strength and technological advantages， has taken the lead in grasping the growth opportunities generated from the new economy. China， as the biggest developing country， is also closely following the evolvement of the new economy and making in-depth study on the opportunities and challenges arising thereof. Moreover， China will actively participate in the process of economic globalization and face up to the challenges and opportunities brought about by the development of new economy， based on its national reality and by cultivating a favorable environment for the growth of new economy. So far， 10 years of rich experience on how to develop the new economy has piled up in the United States that enjoys considerable advantages and abundant fund. In China， we have a strong team of talents in science and technology， and a magnetic， broad market. Therefore， enormous potentials remain untapped in Sino-US cooperation. We are hopeful that the two sides shall consolidate collaboration and communication， so as to jointly foster an orderly and sound development of the new economy.
Ladies and Gentlemen，
The acceleration of China's reform， opening-up and modernization process offers business opportunities for foreign investors mainly in the following aspects： firstly， China will continue implementing the policy of stimulating domestic demand and making strategic adjustment to its economic structure. A broad space has therefore been created for overseas capital to flow into such areas as agriculture， water conservancy， energy， transportation， telecommunication， raw material， environment protection， hi-tech and heavy or large equipment； secondly， China is carrying out the strategy of developing the West. In the central and western regions， the existing industrial foundation and technological strength， as well as rich natural resources and labor resources have provided favorable conditions to foreign investors to cooperatively explore the central and western part of China； thirdly， the Chinese enterprises are exploring new ways to reform their operational mechanism and rejuvenate themselves in accordance with the goal of establishing modern corporate system. One of the major measures is to absorb foreign capital into the reform and restructuring process； fourthly， China enjoys a promising market in terms of its high-tech ndustry. Multinational corporations can make full use of the existing technological forces， large number of highly-qualified personnel， and preferential policies， when setting up R&D centers， investing in high-tech industry & technology research development projects， or participating in the commercialization of high-tech and the technological renovation of traditional industries； fifthly， the expansion of the opening up of the service industry to the outside world is a very important move in China's efforts to achieve the coordinated development of its economy. American investors have rich experience and advanced management methods in the development of service industry. I would like to encourage American investors to seize the opportunities in China and actively participate in the development of intermediary agencies such as finance， insurance， retailing， foreign trade and accounting firms.
The new century is approaching and human civilization is evolving with each passing day. Members of the international community are becoming more and more closely interlinked， which requires us to enhance mutual trust and strengthen cooperation. It is my hope that the American friends in the business circle who are dedicated to investing in China would keep up with the pace of China's future modernization development， consistently explore new cooperation channels to enhance our cooperation both in depth and in magnitude， and consequently give full play to their own competence of capital， technology and management.
Thank you all for your attention.