EXECUTIVE Vice-Premier Zhu Rongji yesterday outlined his vision for an era of peaceful co-existence and good neighbourliness, free of hegemonism and power politics. But he warned that some of the political hot spots left over from the Cold War remained to be resolved and new ones were erupting. In a speech to the 1993 Pacific Rim Forum in Bali, Mr Zhu said: ''The international situation has undergone drastic and profound changes in the past few years, changes of magnitude rarely seen since World War II. ''The tension and confrontation between the two major military blocs have come to an end and the world is moving towards multi-polarity. ''As most of the old regional hot spots have been eased, and new progress made in the international disarmament talks, it should be possible to secure a fairly long period of peace in the international environment. ''All countries are readjusting their domestic and foreign policies at an accelerated pace to rejuvenate their economies. This is the trend of the times.'' Under the changing international situation, the Chinese Government was pursuing an independent policy of peace, Mr Zhu said. The goal was to maintain world peace, promote common progress and create a favourable international environment for China's reform, opening up and modernisation, he said. ''As a strong force for world peace and stability, China will never enter into alliance with any country or group of countries, nor will it join any military bloc. ''We have all along been opposed to hegemonism and power politics and we will never seek hegemony or engage in expansion,'' said Mr Zhu, addressing 600 business and political leaders. ''Power politics and hegemonism remain major obstacles to world peace and development.'' It was China's foreign policy to establish friendly relations with all countries. But he warned China would support Third World countries in upholding their rights, maintaining state sovereignty and independence and in seeking economic progress.