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Experts at Fortune Forum on Development of Asian Economy
Senior economists and officials attending the current Fortune Global Forum 2001 said Wednesday the Asian economy will meet more development opportunities than challenges in the future, despite the slowdown of the world economy and problems in some Asian countries.
Based on this projection, they said the growth of the world economy will be mainly seen in Asia in the next 20 years.
Henry Paulson, chairman and chief executive officer of Goldman Sachs Group, said China is expected to maintain the fastest growing economy in Asia after China enters the World Trade Organization (WTO).
According to Donald Tsang Yam-kuen, chief secretary for administration of the Hong Kong Special Administrative Region, Hong Kong adopts a duty-free policy, which allows more freedom for economic activities than in European and American countries and Japan, and attracts an average of 35,000 people from the other parts of the world everyday for various purposes.
The mainland's accession to the WTO will bring about enormous business opportunities, and this is expected to increase Hong Kong 's annual economic growth rate by one percentage point to about five percent, Tsang said.
In the process of economic globalization, Paulson said the development of the US economy is of great significance to Asia. He projected a one-percent growth rate of the US economy for the first half this year, adding that the rate might be higher in the later half.
Paulson was worrying about the economic situation in Japan where there is a big financial deficit and non-performing debts of banks have created social burdens. He said he could not see much reason for the Japanese economy to recover in a short time.
Michey Kantor, former U.S. secretary of commerce and trade representative, noted that efforts should be made so China can enter the WTO at an early date, saying China's WTO membership is not only an economic issue but also a political one.
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