Chinese and foreign participants of the 2006 China Business Summit, which opened in Beijing on Sunday, focused on China's development pattern and the way to achieve sustainable economic and social growth.

Vice Minister Zhang Xiaoqiang of the State Development and Reform Commission told the summit that China would undertake massive reforms on government administration, finance and enterprise governance in the next five years.

"Reform and innovation on existing management systems would blaze a new trail for China's economic growth,” he said. “It’s the only way for China to realize the goal of sustaining economy expansion through scientific innovation and domestic consumption rather than investment and exports."

The speech was made among concerns that China's rapid economic growth failed to alleviate the problems of a yawning wealth gap, environment deterioration and heavy dependence on foreign exports and surging fixed-assets investment.

While Asia's second largest economy has maintained a rare expanding momentum for years sustained economic growth became a hot topic at the two-day event.

Yasuhisa Shiozaki, senior vice-minister for Foreign Affairs of Japan, said that China should further enhance macro-control. "Make the exchange rate system of Renminbi Yuan more flexible and transparent for instance," he said.

Shiozaki also stressed the significance of sounder social security and salary distribution systems toward the strength of the economy.

(Xinhua News Agency September 11, 2006)