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BIZCHINA / Top Biz News

China becomes world economy engine
(Xinhua)
Updated: 2006-05-06 09:08

Indian Prime Minister Manmoham Singh said here Friday that the Chinese economy has performed "exceedingly well" in the past years and become an engine of growth for the world economy.


Indian Prime Minister Manmohan Singh (R) addresses the opening ceremony of the 39th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Hyderabad,capital of Indian state Andhra Pradesh, on May 5, 2006. [Xinhua]

The prime minister made the remarks when he addressed the opening of the 39th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB).

The two-day meeting is to review the financial institution's operations in the past year and work out guidance for its administrative, financial and operational directions. Regional growth, poverty reduction in particular, tops the agenda of discussions at the meeting.

"The Chinese economy has performed exceedingly well over the last two decades, demonstrating growth rates which are the envy of most other countries," Singh said.

The growth in China has helped vast millions of people to be pulled out of the grip of acute poverty, he said.

Further, he said, the growth of the Chinese economy has fueled demand for products and services of other countries, and "the People's Republic of China, in many ways, has become an engine of growth for the world economy."

He noted that "there is a lot to learn from the Chinese economic experience and the ADB can certainly facilitate it."

The prime minister also explained India's development strategy, saying "we signaled our renewed commitment to regional economic cooperation with our 'Look East' policy."

India, one of the best performers in economic development in Asia, achieved a GDP growth of 8.1 percent in 2005-2006 fiscal year ending March, up from the 7.5 percent increase in the previous year.

Singh said, "the policy marked a strategic shift in India's evolving perspective of the world."

He said with the policy, India has variously reiterated its commitment to work with the Association of Southeast Asian Nations (ASEAN) and individual East Asian countries.

"We are linking India into a web of partnerships with the countries of the region through free trade and comprehensive economic cooperation agreements," the Indian leader said.


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