Economy

China plays important role in world's development: Egyptian official

(Xinhua)
Updated: 2010-10-18 11:22

CAIRO - The Chinese economy has played an significant role in the world's development over the past five years and it will be more important in the next five years, a senior Egyptian official said Sunday.

Moustafa El-Said, head of the economic affairs committee of Egypt's People's Assembly (the Lower House of the country's parliament), said many economies, especially of the developing countries, will depend on the Chinese economy as it becomes " locomotive" of development that pushes their economies forward.

During the past five years, China's economy has reaped fast growth on the average. In 2009, its economy grew by 9.1 percent. Currently, China is mulling over a new five-year economic and social development plan for 2011 to 2015.

China has managed to achieve the goals of its 2006-2010 development plan despite the global financial crisis which overthrew many world economies, El-Said said in an exclusive interview with Xinhua on Sunday.

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China has managed to overcome the crisis in a way that deserves appreciation and admiration, he said.

Unlike many other countries, China has played an important role in supporting poor economies to overcome the global financial crisis by reducing the debts of some poor countries and cooperating with various international institutions to curb the impact of the financial crisis, El-Said said.

"China is a responsible nation," the expert added.

With intensified development programs in the most impoverished areas, China has exerted great efforts to improve the standards of its people's living and achieve social justice during the past five years, El-Said said.

The principles of integrity, transparency and justice have also been cemented in the country, he added.

China has made progress in restructuring its economic pattern in order to minimize energy consumption for the sake of environmental protection, the Egyptian lawmaker said.

However, China still needs to take more steps and efforts to restructure its economy, he said.

"The Chinese economy has gained a principal role in the world over the past five years and I think that this role will be more important in the coming five years as the "locomotive" of development, El-Said said.