UN Report: China Plays Leading Role in Boosting Economy of Asia-Pacific Region

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Last updated at: (Beijing Time) Friday, April 18, 2003

UN Report: China Plays Leading Role in Boosting Economy of Asia-Pacific Region

A United Nations report issued in Beijing on Thursday says that China played a leading role in the robust economic performance of the Asia-Pacific region in 2002.

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A United Nations report issued in Beijing on Thursday says that China played a leading role in the robust economic performance of the Asia-Pacific region in 2002.

The Economic and Social Commission for Asia and the Pacific (ESCAP) of the United Nations Thursday issued the Economic and Social Survey of Asia and the Pacific 2003 in Beijing.

The report says that, despite the downturn in the global economy in 2002, developing economies in the Asia-Pacific region performed surprising well, achieving growth of around five percent during the year.

East and North-East Asia was the best performing subregion in 2002, in which China's strong growth played a leading role, said the report.

The Survey 2003 said China continued to sustain high growth in 2002, registering growth of 7.9 percent in 2002 compared to 7.3 percent in 2001, but tressed by strong expansion in fixed asset investment and exports.

The report said the fast economic growth of the Asia-Pacific region owes much to surging intraregional trade, and thanks to the strong performance of China, intraregional trade is buoyant.

According to figures released in the report, China's merchandise exports increased by almost 30 percent year-on-year during the first eight months of 2002, while imports grew by nearly seven percent.

The economic outlook of the whole region for 2003 is conditioned by several risk factors, in particular, the possibility of a military conflict in the Middle East which may lead to rising oil prices, said the report.

China's growth in 2003 are more or less the same as in 2002, and its economy is forecast to grow by 7-8 percent in 2003, with stable or lightly lower prices, the survey estimated.

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