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'China an economic role model'
June 14, 2004 17:03 IST
China has shown the way to other developing countries in how to carry forward economic development setting aside border disputes and political differences, participants at a Confederation of Indian Industry meet said in New Delhi.
Speakers, which included Robert Sutter of Georgetown University, India's former ambassador to China C V Ranganathan and V K Mathur of CII, said that China has also taken a lead in successfully using a strong economy as a deterrent against potential threats by major global forces.
"China has emerged as a major driver of economic growth in the region, contributing to increased intra-Asia trade and investment flows," the participants said on Monday.
The success of Chinese could be attributed to appropriate sequencing and management of reforms, people factor, government's determination, high domestic savings and investment, role of non-resident Chinese and foreign direct investment, they said.
Economic integration and regionalism have gained momentum in Asia with several free trade agreements in the pipeline apart from emergence of regional integration concepts like Japan-Association of South East Asian Nations, Asean-China, Korea, Japan-India blocks, chairman and managing director of Inapex Ltd V K Mathur said.
"Considering the Asian economic dynamism, closer economic regional integration will strengthen the Asian stride in the world economy and reinforce the Asian century," the speakers said, adding the Americans should take on board these emerging Asian trends.Ranganathan said that China was not an economic threat to India at all, but a big opportunity for Indians as they "value us very well."