China wants to boost trade at Asian summit

posted: 35 DAYS 12 HOURS AGO

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BEIJING -China said Wednesday that it will seek to expand regional trade and investment at a meeting of Asian leaders this weekend and will discuss previously announced plans for a $10 billion infrastructure building fund.

Chinese Premier Wen Jiabao will travel to Hua Hin, Thailand, on Friday to attend the annual East Asia Summit, which brings the 10-member Association of Southeast Asian Nations, or ASEAN, together with China, Japan, South Korea, India, Australia and New Zealand.

"China has been committed to regional economic growth through stable growth of its own and investment in ASEAN countries," said Zheng Xiaosong, deputy director of the Finance Ministry's international department, at a briefing.

Earlier this year, China announced plans for a US$10 billion fund for investment in infrastructure to better connect China with its Southeast Asian neighbors.

The first phase of the project, to establish US$1 billion for projects such as roads, airports and other infrastructure, is currently under way, Assistant Foreign Minister Hu Zhengyue told reporters.

A free trade zone between China and Association of Southeast Asian Nations is on track to be completed by January 2010, according to Hu. Trade between China and ASEAN reached US$230 billion in 2008, representing 9 percent of China's foreign trade.

Leaders from China, Japan and South Korea said in a recent meeting in Beijing that they were committed to the development of an "East Asian community" and would explore the idea of a free trade pact, as the rivals inch closer toward deeper regional integration.

Beijing is also working toward expanding currency swaps and bond markets with the region, Hu said.

China also plans to be ready to offer assistance to the least-developed countries in the region for disaster relief and other emergencies, he said.

Hu said China will discuss the latest developments in the North Korean nuclear disarmament process with "relevant parties" but would not hold bilateral talks on the topic, amid indications that Pyongyang is shifting tack after earlier this year pulling out of six-nation talks and conducting missile tests.

2009-10-21 08:27:02