Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
India and China drive global expansion
Adjust font size:

India and China will continue to drive global expansion as they are more "nimble" and can produce at lower cost, Indian Finance Minister Palaniappan Chidambaram said.


"China and India have much to look forward to," Chidambaram told the India Economic Summit organized by the World Economic Forum in New Delhi yesterday. "Developing countries have acquired greater capacity to compete with developed countries."


The two Asian economies, the world's fastest growing, adapt better to changes in global market conditions as they have cheap labor and can more quickly seize opportunities, Chidambaram said. That doesn't mean economic power has moved to China and India, the Harvard-trained minister said, according to Bloomberg News.


"As long as advanced countries have the edge in knowledge, financial and material resources, I don't think power has shifted to developing countries," Chidambaram said. "What has changed is that developing countries have acquired greater capacity to compete with developed countries."


India's US$906-billion economy grew 8.9 percent last quarter from a year earlier, while China's US$2.6-trillion economy expanded 11.5 percent. That kind of pace is more than three times the rate of growth in the United States and countries sharing the euro. Still, the World Bank estimates more than half India's 1.1 billion people live on less than US$2 a day.


(Shanghai Daily December 3, 2007)

Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Online operators are on top of the game
-Macao's gaming market expands further
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号