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China's Growth Experience Valuable for APEC Economies: ADB President
China's successful experiences in maintaining a rapid economic growth are valuable for other economies in the Asia-Pacific region, said Chino Tadao, president of the Asian Development Bank (ADB).
Chino, who is here attending the Eighth APEC Finance Ministers Meeting, said that the world economy has been in a slowdown, and some Asian countries have met difficulties in economic development.
However, China will register an economic growth rate of above 7.5 percent this year, demonstrating its economic development is faster than other Asian countries, he said.
As a senior expert specializing in international finance, Chino said that the market-oriented reforms and the microeconomic management are effective in China's economic restructuring.
Moreover, he said, China's active participation in regional cooperation has also helped its development.
Chino is a supporter of regional cooperation. He said that regional cooperation can maximize the benefit of the globalization and minimize its risk, as well as strengthen capacities of countries to deal with challenges.
Specifically, he noted, regional cooperation can promote export, create more jobs and increase fiscal income, and it is the most effective way to cope with the difficulties in the transportation, health and environmental fields.
Chino has been active in promoting regional cooperation since he took the position as the president of the ADB. He said that the ADB has given priority to regional cooperation since it was established in 1966, and the bank has sponsored the building of regional cooperation mechanisms in South Asia, Southeast Asia and Central Asia. The Greater Mekong Subregion (GMS) and the Central Asia Republics (CAR) are two successful examples in this regard.
Chino said that the Greater Mekong Subregion includes Thailand, Laos, Myanmar, Cambodia, Vietnam, and China's Yunnan Province, and the ADB has helped the countries and region share resources to deal with the difficulties.
The CAR consists of Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The ADB has approved a 950,000-U.S.-dollar technical assistance grant to help strengthen economic cooperation among the CAR and China through regional infrastructure projects.
Chino said that all projects under the GMS and CAR mechanism are progressing well, and the ADB will continue to aid the regional projects.
Over 20 years ago, Chino came to China for the first time. He said he has witnessed China's development with his own eyes, adding that other Asian countries shall learn from China in improving economy.
On the current AFMM, Chino said that the meeting is productive and fruitful, voicing his belief that the meeting will further increase the cooperation in Asia-Pacific region.
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