China's growth benefits other countries: business leaders

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Last updated at: (Beijing Time) Friday, November 07, 2003

China's growth benefits other countries: business leaders

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The rapid economic growth of China has benefited other countries, though the foreign direct investment in China is accumulating and China is expected to become the fourth largest export country this year, said Mike Moore, former director-general of World Trade Organization, Thursday in Hong Kong.

Moore, also former prime minister of New Zealand, made the remarks at the Businessweek's seventh annual CEO forum which drew more than 500 world business leaders.

A good evidence is that China's import is increasing sharply, with the import volume in the first half of this year up nearly 45 percent compared with the same period of last year, said Moore.

A recent report released by the Asia-Pacific Economic Cooperation shows that China's trade volume reached 376.1 billion US dollars in the first half of this year, and the export grew 44.5 percent.

Virabongsa Ramangkura, former deputy prime minister of Thailand,said when China's Hainan Province set the target of developing tropical agriculture and fruits, some Thai businessmen worried that the export of fruits and agricultural produces from Thailand to China will be affected.

On the contrary, Thailand's export of special fruits to China has increased, said Ramangkura.

China and Thailand signed an agreement in June this year on mutual exemption of tariffs on 188 products. Under the agreement the two countries eliminated tariffs on imported fruits and vegetables beginning on Oct. 1.

Manuel Roxas, secretary of the Department of Trade and Industry of the Philippines, said that the country at present enjoys surplus trade balance with China. Since the Philippines exports a large amount of fruits to China, the domestic fruit price will always go up whenever there is important international event and sport games take place in the country.

The trade between China and the Philippines has witnessed rapid growth over the past 10 years, with an annual growth rate reaching nearly 25 percent. The bilateral trade volume exceeded 5.26 billion US dollars in 2002, up 47.6 percent compared with the previous year.

The Philippines' export to China jumped sharply in recent years. And the country realized trade surplus with China in the year 2000.

Wang Chuanfu, chairman and president of BYD company, China's largest rechargeable battery maker, said that his company is a good example of China's vigorous economy.

Wang's company had only 20-odd persons when it was founded in 1995. Now the company, employing more than 30,000 workers, has become one of China's top 100 electronics and information enterprises in terms of business income.

When China becomes rich, the country will create a large amount of business opportunities and make inconceivable contribution to the world economy, said Wang.

Jean-Christophe Iseux, director of China Studies with the Oxford University, said that a lot of Chinese cities will be seeing double digit growth in the future. However, the economic growth is not only relying on export. Instead, domestic consumption is going to drive the economy, which will provide other countries with numerous business opportunities.

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