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China's continued economic growth brings prosperity to Asia (10/14/03)

Delegates to the 12th East Asia Economic Summit reviewed China's continued economic growth, agreeing that this growth will bring common prosperity to the region and the world.

At the plenary session "China's Growth: Prospects and Impact on Asia," Mao Xiaoping, acting mayor of Wuxi city, said his city and China as a whole has witnessed a continued, rapid economic development in the past decades.

"China's development is conducive to Asia's stability and peace, " he said.

"This is because China's development will create more business opportunities for Asia and bring common prosperity to all," he added.

Agreeing to this, Kim Hak-Su, UN official, said, Asian nations would see both opportunities and challenges in China's growth.

To benefit from China's growth, he said, Asian countries could do more trade with it as its domestic market is thriving. Moreover,he added, they, particularly those with lower level of industrialization, could supply more intermediate products to China for further processing to create more value for both sides.

Talking about tasks in keeping a sustainable development in China, he suggested that China should further enforce and improve its business laws, regulations and systems so as to facilitate investment, technology transfer, talents exchange and fund-flow.

Victor Chu, expert from First Eastern Investment Group, Hong Kong Special Administrative Region, also saw a great potential for China's economic growth.

It is wise for Asian and world businesses to seek and catch business opportunities in China's development, he said, while warning against head-on competition. "Complementarity will yield mutual benefit," he stressed.

Ma Ying-Jeou, mayor of China's Taipei, hoped that economic relations between the two sides of the Straits could be further promoted. He said more efforts should be made to solve the "three links" issue so as to help Taiwan benefit more from the development of the motherland.

Over 800 delegates -- business, government, intellectual and social leaders -- participated in the summit on Oct. 12-14. The summit was organized by World Economic Forum (WEF) and Singapore Economic Development Board.

WEF, established in 1971, is an independent international organization providing a collaborative framework to address global issues.

It has conducted four summits in Singapore.  


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