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Tuesday, 10 April 2012

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China and Asia Pacific Chambers of Commerce :

First China Import Expo held

China is one of the greatest emerging markets of the world. Business and trade development in to China has been attracting global attention. Asia Pacific too as an emerging regional development powerhouse requires regional economic integration and cooperation, International Chamber of Commerce Chairman Tissa Jayaweera said.

Making a presentation on “Impact of Import Expansion of China on Economies in the Asia Pacific Region” on the invitation by the Government of China and Asia Pacific Chambers of Commerce at the 1st China Import Expo held recently, he said that Asia Pacific Governments and business community has to promote economic recovery in the Asia Pacific region, iron out trade issues with advanced economies, exchange ideas and promote regional economic and trade cooperation within region.

Export to China is indeed an exciting topic. China’s Import Expo is encouraging countries and companies to promote products in to China connected to Information Technology, environment friendly technology and branded consumer goods, he said.

Consumer demand of China has also a beneficial influence on neighboring Asian economies now being held by USA, Canada, Europe and Australia. A large dynamic economy generally works in the interest of smaller economies in the vicinity. For example Mexico benefits from the US, Asian high performing economies such as Malaysia from Japan.

Strong expansion of ASEAN economies as well as China opens a great market for countries that produce branded as well as quality products. High end consumers of China now go for quality instead of price, he said.

Expansion of export to China and import into China will contribute a great deal to sustained growth in multilateral trade. The growth rates of imports will be considered faster than the world average for the next two decades with China being the single largest contributor to multilateral trade expansion, Jayaweera said.

According to WTO statistics, China cannot be a large exporter without being an equally large importer. Currently it is the third largest importer after the US and Germany. Importance of China as a trading partner has markedly increased for neighboring Asian economies such as Asia Pacific. This emerging trade potential is meaningful for them as

well as for the economy of China. One of the reasons is increasing imports for domestic consumption have made it a key export destination for regional economies.

The President of China, Hu Jintao said “China will always attach equal importance to imports and exports. Continuously expand in to new areas, create just and transparent legal policy and market environment, promote development and be creative through opening up to the outside world”.

As highlighted by China Daily Business of Mar 28, major expense module of an affluent Chinese is tourism 19%, consumer goods 15%, education of children 12% and personal purchases in order of priority moves in to branded watches, clothes and accessories, leather goods, jewelry, cosmetics, electronic products, wine, works of art.

China with a population of approximately 1.3 billion people and an expanding middle class buying power will be one of the greatest markets of the world, so will India.

(SJ)

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