Mckinsey: China---New Pillar of World Economy

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Last updated at: (Beijing Time) Friday, May 24, 2002

Mckinsey: China---New Pillar of World Economy

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China is a new pillar of the world economy, said Pan Wangpo, board chairman of the US Mckinsey & Company, and concurrently general manager of Mckinsey China Beijing Branch, at the forum on the WTO and China Economy.

Pan noted China is the sixth largest economic entity, with the annual gross domestic product rising at more than 7 per cent, and a total of over US$ 1 trillion.

It is also the sixth largest exporter, its annual direct foreign investment remains at above US$ 40 billion and foreign exchange reserves hits US$ 225 billion.

These figures show China has become a new pillar of the world economy, he said.

He added China already is the largest consumer market for refrigerators, washing machines, color TV sets and mobile telecom services.

China is not only the engine of market demand, but also the largest low-cost labor market, with per-hour cost standing at only US$ 4.88, equivalent to 18 percent of Japan's, 23 percent of the United States and 56 percent of India.

China is quickly becoming a world production base, said the business consultant.

By PD Online Staff Yang Ruoqian

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