In retrospect, profound changes and tremendous progress have taken place in east Asia. Looking ahead we can say with full confidence that relatively sound conditions exist for east Asia to raise its economic and social development to a new level.

It has become the shared understanding of east Asian countries to maintain regional peace and stability, develop economy, science and tecnology, expand mutually beneficial cooperation, and promote common prosperity. East Asian countries are committed to the development of their relations on the basis of mutual respect, trading one another as equals, and non-interference in one another’s internal affairs and properly adressing some existing differences through friendly consultations. With political stability, east Asian countries enjoy good relations among themselves. This has provided an important prerequisite for the sustained economic progress in east Asian countries and the development of their economic cooperation.

East Asian countries have built up significant economic strength. Some have entered the developed stage, others enjoy the rank of newly industrialized nations, and still others have barked on the road of rapid growth. Endowed with rich human and natural resources, countries in this region have formuilated their development strategies in light of their actual conditions, constantly reajusted their industrial structure, effectively shifted modes of growth, promoted scientific and tecnological progress, and strenghtened external economic exchanges. All these have provided a broader scope for east Asian countries to engage in economic cooperation.

Through their long histories, the peoples of east Asian countries have created their own fine cultural traditions. These cultural traditions attach great value to social communities, uphold such virtues as self-respect and self- strenthening, arduous effort, industriousness, frugality, modesty and eagerness to learn. They stress harmony in handling human relations and stand for peaceful co-exitence in international relations. These cultural traditions constitute valuable spiritual legacy. As long as east Asian countries keep up with the trend of the times, and carry forward and imply those cultural traditions and wisdom with oriental features in light of their actual natural conditions, while vigorously absorbing all fruits of human progress and civilization, the development of economic cooperation in east Asia will be further boasted by these spiritual motivations.

All in all, east Asia in today’s world is a force that cannot be neglected politically, economically, culturally or geografically. The prospect for east Asia’s economic development is promising.

Of course, while fully recognizing the economic achievements in east Asia, we must also look squarely into the difficulties and obstacles on the road ahead. For instance, east Asian counties suffer to very degress from untenable economic structures, fluid financial systems, crude modes of growth, backward infrastructures, and the enormous pressures brought by overpopulation and the increasing needs for environmental controls. These problems need to be adressed seriouly and resolved effectively.

South-east Asia’s recent crisis has taught people a profound lesson. A normal functioning of the financial syetem is crucial to the overall economic stability and development. To maintain a sound and stable financial order and to closely intertwine in globle economy, it is imperative for countries to work to improve their financial system, policies and supervision, to strengthen those regional and international financial cooperation, and jointly ward off excessive speculation by international hot money. Only by doing so can we effectively maintain the international financial order.

We believe that as long as we work together, peoples in east Asia will certainly build a better future in the new century.