'Booming China to keep Asian economies humming'
'Booming China to keep Asian economies humming'
Agence France Presse, Beijing
China would help Asian countries to prosperity in the years ahead just like the US consumer kept the world economy humming in the 1990s, state media reported on Monday.
China's fiscal planners have made massive infrastructure investments to keep the economy afloat, and in turn, the thriving Chinese market is stepping up its imports from Asian neighbors, the reports said.
"This will not only create huge opportunities for businesspeople in all countries and regions around the world," Commerce Minister Lu Fuyuan was quoted as saying by Xinhua news agency.
"It will also necessarily mean a strengthening of the lift (from the Chinese economy) to the global economy," he said.
China consolidated its position as the world's fastest-growing major economy last year, with an economy expanding by 8 percent despite a global slowdown.
Lu told a seminar meeting over the weekend that China would import a trillion dollars worth of goods over the next three years.
If the figure materializes -- as appears likely since China's imports last year grew 21.2 percent to US$295.2 billion -- Asian countries could benefit hugely.
The China Daily reported Monday that China ran a $13 billion dollar with South Korea last year, a $5 billion deficit with Japan, and an $8 billion deficit with Southeast Asia.
The paper also quoted research from investment bank Morgan Stanley saying China is now only behind the United States in terms of the impact it has on global growth.
Last year, China accounted for 17.5 percent of global economic growth, even though its economy amounted to just 4 percent of the world economy, according to Morgan Stanley.
Asian companies will also profit from a growing China because of the opportunities for Asian companies that decide to set up shop inside the country, local media said.
"The growth of China's domestic market will inevitably create opportunities for regional investors to tap a growing demand for goods and services," Tadao Chino, president of the Asian Development Bank, said according to the China Daily.