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China's Booming Economy Benefits All: Hawke
The booming economy in China has benefited not only the Chinese people but also people in other countries, said former Australian Prime Minister Robert Hawke Sunday in Chengdu.
Hawke made the remark at the 2000 Western Forum of China, which is being held in Chengdu, capital of Sichuan Province in the southwest.
"The essential starting point, of course, is to understand the magnitude of China's achievement in the less than a generation since the Third Plenary Session of the 11th Party Central Committee in November 1978 began the transition to a market economy and more open economic policies, reforms described by the 14th National Congress of the CPC in October 1992 as having the objective of creating a socialist market economy with Chinese characteristics. Despite the cynicism and quibbling semantics of China's critics that have persisted through the whole of this period these facts stand out," he said.
"What happens in China is not only significant for the people of China -- more than 20 percent of the population on our planet --but for our region and for the rest of the world," Hawke said.
"In the early 1990s when Japan, the United States and Europe took the major industrial economies into the deepest recession since the Second World War, China's rapid growth was an important element in sustaining the dynamic performance of east Asia, real output in these economies increased by a third in three years," he said.
After the East Asian meltdown which began on July 2, 1997, Hawke noted that the region again benefited from sound macro-economic policy in China.
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