Comitted to PEOPLE'S RIGHT TO KNOW
Vol. 4 Num 160 Tue. November 04, 2003  
   
Business


China's growth no threat but an opportunity for Asia


China's rise as an economic giant is not a threat to the rest of Asia but will present opportunities for its neighbours to grow, Chinese and foreign officials said Monday.

"China is not a threat but a challenge and chance for Japan ... offering a huge economic opportunity for the world," Japanese Justice Minister Daizo Nozawa said.

"The complementary relationship as a win-win relationship between Japan and Asia will be a driving force for cooperation in Asia," Nozawa told delegates to the Boao Forum, a yearly meeting hosted by China to discuss regional issues.

China's booming economy, which grew an annual 9.1 per cent in the third quarter, has sparked debate over whether it is poised to snatch resources, investment and jobs from others, or if it will spur growth elsewhere by providing cheaper manufacturing and a vast new market of 1.3 billion consumers.

"The spectacular growth of this country, China, is not to be seen as a threat but indeed as an opportunity," former Australian prime minister Bob Hawke told the forum.

China's impoverished southern neighbour, Laos, said Beijing had helped the region during the 1997 Asian financial crisis by not devaluing its yuan currency.

But Laotian Deputy Prime Minister Thongloun Sisoulith made a general appeal for help in developing his country's economy.

"China, with no doubt, will have a positive impact on overall regional development," Sisoulith said. "High importance must be given to lessening a widening gap between countries in the region."

Tajik President Emomali Rahmonov said poor nations needed to embrace globalisation and attract foreign investment if they were to have hope of escaping poverty.

"If we as developing countries are isolationist, then we cannot solve the problems facing us," Rahmonov said.

China, along with Asia's biggest economy, Japan, and India, which some economists say is poised for an economic boom, should avoid any ambitions to dominate the region, said IK Gujral, former Prime Minister of India.

The trio should give money and technology to poorer neigbours and help them improve financial and environmental conditions, Gujral said.

"The big three countries of Asia -- Japan, China and India -- should play an active leadership role for Asia. Of course they should be conscious that leadership involves sacrifice," Gujral said in a speech.