China Provides Impetus to Asian Region: UNCTAD

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Last updated at: (Beijing Time) Friday, January 10, 2003

China Provides Impetus to Asian Region: UNCTAD

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China is increasingly providing impetus to other economies within the Asian region and to the world economy at large, said an official of the Untied Nations Conference of Trade and Development (UNCTAD) on Thursday.

Carlos Fortin, Assistant Secretary-General of the UNCTAD, made the remark at a press conference on the release of UNCTAD report of World Economic Situation and Prospects 2003 .

The UNCTAD report said imports in developing economies expanded only 1.8 percent in 2002 while this recovery was largely centered in China and East Asia.

In China, growing domestic demand bolstered imports, in particular from East Asian economies. China's imports from Taiwan increased 80 percent in the first half of 2002, from the Philippines, 100 percent, and from Malaysia, South Korea and Thailand rose at a double-digit pace, Fortin said.

He said China has been gradually assuming the role of the United States as the growth engine in Asia, as illustrated by the fact that China replaced the US as the largest export market for Taiwan in 2002.

Among the developing economies, China's export performance was remarkable. After relatively slow growth in 2001, exports surged in the first half of 2002, with an estimated 15 percent increase for the year as a whole, according to the UNCTAD report.

UNCTAD said the growth of Chinese exports reflects the country's expanding share of world markets, especially in machinery, electronics and telecommunications products.

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