China to help Asian economy in crisis
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Pakistani Prime Minister Shaukat Aziz, left, talks with Chinese
President Hu Jintao, right, during a meeting at Beijing's Great Hall
of the People. -AP
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The weakening global economic environment will slow down growth in
Asia and the Pacific, too, this year, but China, India and Japan are
expected to keep up the momentum in the region, says the Economic and
Social Survey of Asia-Pacific 2007.
The three economies contribute more than 60 percent of the region's
GDP and close to 45 percent of its imports, creating considerable
opportunities for the whole region, says the survey, to be released
today by the United Nations Economic and Social Commission for Asia and
the Pacific (UNESCAP).
Developing economies in the region grew at 7.9 percent in 2006, up
from 7.6 percent in 2005. But their economic growth is projected to slow
down to 7.4 percent this year.
The decline is mainly because of the unfavorable external
environment, including the slowing down of the US economy and falling
demand for electronics across the world, says UNESCAP Executive
Secretary Kim Hak-Su in a recorded video on the commission's website.
The survey shows investment continues to grow in China, while
investment and consumption posted healthy gains in the two special
administrative regions of Hong Kong and Macao.
The survey, however, warns against several downside risks in the
region, such as a possible oil price hike, abrupt cooling of the US
housing market, vulnerability of the currency, global imbalances and
reversal of the Japanese economy after its recovery.
To ensure better long-term growth in the region, the survey suggests
Asian economies monitor the vulnerability of the currency and boost
domestic demand through private investment.
China daily |
