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Asia to Benefit From China's Continued Stability, Prosperity
China's imminent entry into the World Trade Organization (WTO) is a major plus for China's economic development, and Asia will benefit from China's continued stability and prosperity, Singaporean Deputy Prime Minister Lee Hsien Loong said in Bangkok Thursday, November 30.
Delivering a speech entitled "ASEAN Post-Crisis: Rebuilding Confidence and Prosperity," Lee said China has weathered the economic crisis much better than many analysts had expected.
"Its economy slowed down but did not falter, and is now growing strongly again," said Lee, adding that China is continuing with its economic reforms, improving its investment environment and offering attractive long term opportunities for investors.
However, the Singaporean deputy prime minister warned that China's entry into the WTO will also mean stronger competition for ASEAN countries, particularly those which depend on labor intensive industries. ASEAN's exports will be affected, as will its foreign direct investments.
Lee Hsien Loong, also chairman of the Monetary Board of Singapore, is visiting here at the invitation of the Bank of Thailand. He will leave for home Thursday after concluding his three-day visit.
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