In the new economic map, China has become a powerhouse of the world economy, said Rubens Ricupero, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), here Friday.

Addressing the International Forum on the Common Development ofChina's Economy and the World Economy, Ricupero said the economiesof the developing countries used to rely on support from developed countries, but China's growth has changed this, he said. The rapid increase of China's demand has created a new market for both developed and developing countries.

In 2003 and the first half of 2004, the increase of China's imports has exceeded that of its exports, he said. But at the sametime, China provided products for both developed and developing countries, he said.

Ricupero said he believed that China's strong growth will benefit the world economy, reduce global poverty and stimulate the economies of other developing countries.

Ricupero's view was reinforced by both domestic delegates and representatives from abroad.

Yew-Kwang Ng, fellow of the Academy of Social Sciences of Australia, analyzed the impact that China's development will bring,from an economic viewpoint. He said China is a big country with a big population and a big market.

Chinese Minister of Commerce Bo Xilai gave a series of figures to show China's rapid growth.

During the past 25 years, China's imports rose at an average of more than 15 percent a year, with total imports adding up 3 trillion US dollars. The value of its imports amounted to 412.8 billion US dollars last year, making it the world's third largest importer after the United States and Germany.

Bo noted that China could not have achieved its economic growthduring the past 25 years without international help. Meanwhile, China's economic miracle is "bringing opportunities" to the world.

The minister also cited the figures and analyses of a US agency and the UNCTAD, saying China has been one of the most attractive places for world investors.

Statistics show that more than 400 out of the world's top 500 multi-national firms have invested in China, and all of the world top car-makers have entered the country. About 90 out of the world top 100 IT companies have also invested in China.

He said the growth of China's economy not only has brought prosperity and progress to itself, but also contributed to the development of world economy.

Source: Xinhua