Jiang calls for peace and prosperity

Jiang delivers his key-note address

HONG KONG, China (CNN) -- Chinese President Jiang Zemin has vowed to provide unprecedented opportunities to businessmen in a message delivered to around 850 delegates and dignitaries at a global business forum in Hong Kong.

In his first address to the business community since the U.S. spy plane standoff Jiang also urged for world peace.

"China will continue to improve its investment climate and attract foreign capital," Jiang said in his 30-minute speech at the Fortune Global Forum.

"It will explore various ways to put foreign capital to better use such as acquisition, merging, investment fund and equity investment," he said.

AUDIO Jiang Zemin says international and regional tensions are impeding development. 879KB/1:21min AIFF or WAV sound

Turning to the international arena, the president urged all participants to "work for a lasting world peace and common development and prosperity of all nations and regions."

"There are still in this world a few interest groups which always want to seek gains by creating tensions here and there. This is against the will of the majority of the people and against the trends of the times."

Greeted with protests

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Pomp, pageantry and protests greeted Jiang in Hong Kong when he arrived Tuesday amid tight security.

Protesters from a range of groups plan to disrupt Jiang's two-day visit. More than 100 Falun Gong practitioners staged a demonstration ahead of his arrival.

AUDIO Jiang says the next five years are crucial for China's economic development. 1.13MB/1:48min AIFF or WAV sound

The Hong Kong Special Administration Region's Chief Executive, Tung Chee Hwa, greeted Jiang on the tarmac amid a sea of waving red flags.

A number of groups, including the Falun Gong, announced plans to use the visit as an occasion to air grievances over China's human rights record and what they say is growing pressure on the Hong Kong government to toe Beijing's line.

Hong Kong security officials have deployed some 3,000 police in and around the territory's convention center, the venue for the three-day forum. That compares with just 2,000 officers assigned to cover events surrounding the handover from British colonial rule in mid-1997.

At least 100 overseas Falun Gong practitioners have been barred from entering Hong Kong over the last few days, the group has said.

Those detained "were treated as criminals, being forced into detention centers and deprived of their basic rights and freedoms," it said in a statement.

China willing to enter WTO

In his opening address, Jiang emphasized the strength of Asia and China's willingness to enter the World Trade Organization.

Jiang: China values the development of Sino-U.S. relations

Jiang pledged that after WTO accession, the country will "steadily expand its opening-up program in terms of commodity and service trade, and create a level playing field for a fair and transparent competition between Chinese and overseas enterprises."

Moreover, industrial, commercial and financial sectors hitherto blocked to foreigners would be gradually opened.

China was the developing world's largest recipient of foreign investment last year, with inflows of about $50 billion. Much of that investment goes into export-orientated manufacturing plants, reflecting the fact that while China's focus remains its huge domestic economy, it has also become a massive exporter -- particularly to the United States and Japan.

Unchanged policy on HK

Since he was addressing a business audience, Jiang made no reference to recent troubles with the U.S. over the spy plane or over arms sales to Taiwan.

Analysts said he was eager to reassure American businesses that despite diplomatic hiccups, China remained the best place for doing business and Beijing would protect the interests of investors.

Earlier Tuesday, in a meeting with AOL Time Warner CEO Gerald Levin, Jiang put much emphasis on the importance of good Sino-U.S. ties.

"China highly values the development of Sino-U.S. relations," Jiang said.

"It is China's view that Sino-U.S. relations should be dealt with from a strategic and long-term perspective, and the differences between the two countries handled in a proper way."

On Hong Kong, Jiang said "I would like to take this opportunity to reiterate that it is the long term basic state policy of the Chinese government to implement the principles of 'one country, two systems' -- Hong Kong people administrating Hong Kong' and a high degree of autonomy.

"The Chinese Government will never waver in or change this policy," he said.

The Fortune Global Forum is organised by Fortune magazine, a unit of AOL Time Warner. CNN is also a division of AOL Time Warner.

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