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UNCTAD: China Becomes a Powerhouse of World Economy

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) in Beijing Friday.

Addressing the International Forum on the Common Development of China's Economy and the World Economy, Ricupero said the economies of 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 same time, 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.

(Xinhua News Agency September 11, 2004)

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