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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."
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