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Southeast Asia Will Thrive on China's Prosperity: Singapore PM
Singapore Prime Minister Goh Chok Tong said Sunday evening that Southeast Asia will benefit from expanding economic exchanges with China and thrive on China's prosperity.
Addressing the 2001 International Monetary Conference opening this evening, Goh said, "In short to medium term, investments may be diverted from Southeast Asia to China. But in the longer term, Southeast Asia will benefit from greater economic exchanges with China."
Goh said that Singapore sees China as presenting both a challenge and an opportunity, citing that "China grew at a rapid pace -- 10 percent on average over the last 10 years, compared to five percent for ASEAN."
"China is now attracting the bulk of investments in Asia," he said, noting "in 1990, 60 percent of foreign direct investments into Asia came into Southeast Asia, while 20 percent went to China." He said, "Today, the figures are reversed."
He also said that China's accession to the WTO will further boost its attractiveness as a trade and investment partner.
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