Following is the full text of the speech Chinese President Hu Jintao delivered at the opening ceremony of the 2005 Fortune Global Forum on Monday:

Address by President Hu Jintao of China at the Opening Ceremony of the 2005 FORTUNE Global Forum

Beijing, 16 May 2005

Distinguished Mr. Richard D. Parsons, Honored Guests, Ladies and Gentlemen,

Good evening! It is a great pleasure for me to join all of you here at the opening ceremony of the 2005 FORTUNE Global Forum on this pleasant evening. Let me begin by extending, on behalf of the Chinese Government and also in my own name, my warm welcome to all of you and my sincere congratulations to the sponsor of the Forum,the Time Warner Inc. of the United States.

The theme of the Forum, "China and the New Asian Century", gives full expression to the widespread interest in the prospects of development in China and Asia as a whole, as well as in the impact of their development on global economic growth. It also shows that with surging economic globalization, China and Asia arequickly becoming a new growth engine for the world while the global boom is also generating more important opportunities for China and Asia. Continued mutually-beneficial economic cooperation and rising interdependence among the world's countries will usher in an even better future for global economy in development.

Ladies and Gentlemen,

China is an ancient civilization with a history dating back over 5,000 years. The Chinese people have made a major contribution to human progress by creating the splendid Chinese civilization with hard work and ingenuity. The city of Beijing, with its long history of over 3,000 years, stands testimony to that effort. It became the nation's capital over 800 years ago. A short distance from the Great Hall of the People, where we are in right now, is the world-renowned Forbidden City. First built some 600 years ago, the former Imperial Palace is the largest and most complete existing ensemble of ancient royal architecture in the world. From Beijing's time-honored past and the majestic Forbidden City itself, people can learn vividly the originality, greatness and profound richness of the Chinese civilization and feel for themselves the vigor, resilience and pioneering spirit of the Chinese nation.

Beginning in the mid-19th century, China was reduced to dire misery as the country suffered one humiliating defeat after another and the people languished in poverty and starvation as a result of brutal foreign aggressions and corrupt and incompetent feudal rulers. Refusing to submit to a fate of agony and woe, the Chinese people fought back persistently and finally built up a New China under the leadership of the Chinese Communist Party. Since 1949, when the New China was proclaimed, and particularly since the implementation of reform and opening-up program pioneered by Mr. Deng Xiaoping in 1978, China has undergone a profound transformation never seen in the country before. In a short span of 26 years from 1978 to 2004, China's GDP increased from 147.3 billion US dollars to 1.6494 trillion US dollars with an average annual growth rate of 9.4 percent. Its foreign trade rose from 20.6 billion US dollars to 1.1548 trillion US dollars, averaging an annual growth rate of over 16 percent. China's foreign exchange reserve increased from 167 million US dollars to 609.9 billion US dollars. The number of rural poor has dwindled from some 250 million to 26 million. The overall national strength of China has increased remarkably and the texture of life of its people improved steadily. While inheriting and carrying forward their proud past, the 1.3 billion Chinese people are writing a new chapter in history as they march of one mind on the road of building socialism with Chinese characteristics.

We in China have identified the goal for the first 20 years of this century. That is to firmly seize the important window of strategic opportunities to build a moderately prosperous society of a higher standard in an all-round way for the benefits of our over one billion people. By 2020, we will quadruple China's GDP of2000 to approximately 4 trillion US dollars with a per capita level of some 3,000 US dollars, and further develop the economy, improve democracy, advance science and education, enrich culture, foster greater social harmony and upgrade the texture of life for the people. We are deeply aware that China, for a considerably long period of time to come, will remain a developing country. The population figure of 1.3 billion alone will make the fulfillment of the above goal a formidable challenge, and we must be prepared for a long and uphill journey ahead.

To realize this goal, we must uphold the scientific approach inachieving economic and social development of the country. We must put the people first, making the fundamental interests of the broadest masses of people our point of departure and endeavoring to satisfy their growing material and cultural needs to pursue the comprehensive development of man. We must focus on economic development as our central task, making development our top priority and facilitating and all-round progress in economic, political and cultural aspects and in the building of a harmonious society. We must stick to the direction of reform for a socialist market economy, step up institutional innovation, deepen reforms aimed at galvanizing creative vitality of society and increase the inherent dynamics for economic and social development. We must adhere to our basic policy of opening to the outside world, building a more open market place and allowing the country to participate more broadly in international economic and technological cooperation and competition with still wider and higher dimensions. We must follow a new course of industrialization, endeavor to overhaul the economic structure, quickly transform the ways of economic growth by improving its quality and efficiency, vigorously develop the circular economy and build a resource-effective and environment-friendly society, thus blazing a trail of development characterized by higher productivity, comfortable life for the people and a sustainable eco-system. We believe, as long as we firmly follow the path of development that is consistent with China's national conditions, we will be able to realize our goal and play a greater and more constructive role in the promotion of world peace and common development.

Ladies and Gentlemen,

China and the rest of Asia and the world at large are closely related when it comes to development. A developing China will, as always, generate cooperation opportunities with win-win results for other countries in Asia and the world over. By the end of 2004, China had attracted a total of 562.1 billion US dollars in FDI, approved the establishment in China of more than 500,000 foreign-funded enterprises and created a huge import market of some 560 billion US dollars annually. At present, most countries and regions have had enterprises with investment in China, and over 400 firms out of the FORTUNE 500 have invested in China. The number of R&D centers set up by foreign investors in China has exceeded 700. As China becomes more developed, its cooperation with the other countries and their corporations of various types is bound to increase in scale. China will keep opening up its market, find new ways of using foreign capital, improve on legislations and regulations for encouraging and protecting foreign investors, revamp foreign economic management, step up protection of intellectual property rights, and work still harder to help foreign investors and create an even better environment for trade and economic cooperation between China and the rest of the world.

Ladies and Gentlemen,

All of you are important corporate leaders participating and promoting international economic activities. Many of you and the companies you represent have been vigorously involved for years inpushing economic and technological cooperation with China and madesignificant contribution to China's sustained economic growth and technological upgrading in certain industries. Facts have proved that such cooperation serves our mutual interests. We look forward to continued expansion of your investment in China and your still closer economic and technological cooperation with Chinese enterprises. I believe that you will give greater scope to the advantages of your companies and your rich managerial expertise and play a critical role in facilitating international economic and technological cooperation and promoting economic development in regions and globally. Let us join hands and work together to contribute a greater share to world peace and common development.

May I conclude my remarks by wishing the 2005 FORTUNE Global Forum in Beijing a complete success.

Thank you!