Globalization boosts China's economic growth: WB expert

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Last updated at: (Beijing Time) Sunday, March 21, 2004

Globalization boosts China's economic growth: WB expert

Increased globalization has brought the world vast investment space in China and thus boosted China's economic growth, said Deepak Bhattasali, chief economist of World Bank, Saturday.

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Increased globalization has brought the world vast investment space in China and thus boosted China's economic growth, said Deepak Bhattasali, chief economist of World Bank, Saturday.

Speaking at the pre-session of the China Development Forum's 2004 annual meeting, Bhattasali spoke highly of China's active involvement in the economic globalization and the consequent improvement of investment climate.

China has directly absorbed foreign investment of 50 billion US dollars in 2003.

This can be attributed to China's fast pace of keeping up with the economic globalization trend, said the economist.

Globalization, to a large extent, ensured that China's economy would develop in a balanced way by keeping pace with the world economy, he said.

Surveys of World Bank indicate that in the 1990s, the annual economic growth rate of more globalized countries was 5 percent on the average, while the economy declined on different degrees in countries where globalization was not the mainstream.

Besides, the Chinese Government's effective policies on taxation, in addition to its long-term investment in infrastructure construction also contributed to a more pleasant investment climate.

Sponsored by the Development Research Center of the State Council, the meeting has set "China's all-round, coordinated and sustainable development" as its theme.

Sources with the research center said that the meeting attracted over 100 world famous scholars, officials with international organizations, entrepreneurs of global leading corporations and officials from the Chinese Government.

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