China's Rapid Growth Can't be Denied: ADB President

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Last updated at: (Beijing Time) Thursday, April 25, 2002

China's Rapid Growth Can't be Denied: ADB President

Asian Development Bank (ADB) President Tadao Chino said Wednesday in Manila that China's rapid economic growth "is an obvious fact" which "nobody can deny."

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Asian Development Bank (ADB) President Tadao Chino said Wednesday in Manila that China's rapid economic growth "is an obvious fact" which "nobody can deny."

"The level of rapid economic growth in China is obvious. If you go (to China) and see, you'll know that the rapid growth is an obvious fact. Nobody can deny it," he said in an exclusive interview with Xinhua at the bank's headquarters in Manila.

The ADB president made the statement in response to a question on recent reports that China's economic statistics are imaginary or cooked up.

ADB is aware of the concerns raised by other sources over the accuracy of China's growth statistics, he said.

However, China's growth statistics do not appear less accurate and complete compared to other developing countries, he said.

"I'd like to note that ADB has been working closely with many of our developing member countries, including China, towards improving the accuracy of their statistics, " he said.

Even in developed countries, there is continued necessity for improvement of accuracy of statistics, he added.

In its annual Asia Development Outlook 2002 released earlier this month, the bank forecast that China's gross domestic product (GDP), which grew 7.3 percent last year, will grow by 7 and 7.4 percent in 2002 and 2003, respectively.

Both figures are higher than its projections for the average growth rate of Developing Asia, which is estimated at 4.8 and 5.8 percent respectively in 2002 and 2003.

The economic growth of Developing Asia, which ADB defines as the Asia-Pacific region excluding Japan, slowed from 7 percent in 2000 to 3.7 percent in 2001 due to the global economic slowdown and weak electronics demand.

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