China's industrial rise brings opportunities to region: Australian FM

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Last updated at: (Beijing Time) Thursday, October 30, 2003

China's industrial rise brings opportunities to region: Australian FM

China's growing industry is bringing opportunities, not threats, as some analysts feared for, to the region, said Australian Foreign Minister Alexander Downer Wednesday.

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China's growing industry is bringing opportunities, not threats, as some analysts feared for, to the region, said Australian Foreign Minister Alexander Downer Wednesday.

Downer was launching a report entitled "China's Industrial Rise: East Asia's Challenge" in Sydney to assess the implications of China's industrial emergence for East Asia and Australia.

The report "highlights the tremendous economic opportunities created by the emergence of China as a dynamic and powerful regional economy," he said.

The report was made by the Department of Foreign Affairs and Trade's Analytical Unit against the background of concerns by some policymakers and analysts in the region that China's growth is "hollowing out" the region.

The unit is the main agency within the Australian government responsible for publishing analyses of major economic and political issues in Asia and other areas.

The concerns are found to be unjustified, said the report, which focused on the influence of China's trade and market on East Asian economies.

The report finds that China's industrial rise is "positive sum game for the region" and "overall, all economies appear to be gaining."

Those with close proximity to "a dynamic and increasingly open Chinese economy" enjoy stronger advantage than others, the 100-page report said.

The economies that are restructuring themselves to meet China's growing demand for components and resources, like Japan, Republic of Korea, Taiwan province of China, the Philippines and Singapore, will benefit significantly, the report pointed out.

More developed regional economies, including Japan, Hong Kong SAR of China, Singapore and Australia also are benefiting from cheaper imports of final goods from China, particularly labour intensive manufactures.

The report concluded that China's industrial growth will benefit the rest of East Asia significantly, helping others invigorate industries and provide new export opportunities.

To respond to the opportunities provided by China, Downer said, the Australian government has worked actively to strengthen its bilateral relationship with China.

The signing of Sino-Australian Trade and Economic Framework during Chinese President Hu Jintao's visit last week was "a bold and important step in strengthening commercial links," he said.

The report "underscores the importance of these steps to develop links with China," said the foreign minister.

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