home feedback about us  
   
CHINAGATE.CHINA POST WTO.free trade & globalization    
    Key Issues  
 
  Commitments implementation  
  Role of government  
  Impact:  
    >Agriculture  
    >Industry  
    Service  
  Trade & tech barrier  
  Legal system  
  IPR  
  Labour & employment  
  Free trade & globalization  
 
 
       
       
       
     
       
       
       
       
 
 
 

Injecting vitality into Asian growth


2003-09-09
China Daily

China, committed to promoting Asian economic integration, will continue to "inject vitality" into the region's growth in the years ahead, Chinese officials and World Bank experts agreed at a seminar yesterday in Beijing.

Speaking at a gathering sponsored by the Boao Forum for Asia, both Assistant Minister of Commerce Fu Ziying and World Bank chief economist Homi Kharas said the rest of Asia is benefiting from China as a powerful source of external demand.

"With the lowering tariff levels and reduction of non-tariff measures in China, more products are being exported to China, which provides a vast market for Asia's economic development," Fu said.

Last year, 64.4 per cent or US$190 billion of China's total imports came from other economies in Asia. They combined for an investment of more than US$30 billion in China, contributing 60 per cent to the country's total foreign investment in 2002, according to Fu.

Kharas, who co-edited and introduced the World Bank's new book "East Asia Integrates" at the seminar - echoed Fu and said China is proving to be a very dynamic force, helping accelerate growth in the region.

"As a result, 90 per cent of the growth in exports from other East Asian countries and regions were intraregional trade, particularly in their exports to China," he said in an interview with China Daily.

China's market prospects are even rosier for the rest of Asia in Fu's vision.

"In the coming three years, we anticipate the country's total imports will surpass US$1 trillion," Fu said.

By 2020, China's imports will exceed that threshold each year, rendering even bigger contributions to regional economic prosperity, he said.

"For years, China has been committed to pushing for Asian economic integration," Fu said. "It will continue to actively advance the process."

Commenting on the integration in relation to China and the rest of Asia, Kharas said: "Not only can their exports grow, they are also benefiting from importing parts and components from China at cheaper prices and of a high quality, and that is improving the competitiveness of many of other businesses in East Asia."


   
 
home feedback about us  
  Produced by www.chinadaily.com.cn. All Rights Reserved
E-mail: webmaster@chinagate.org.cn