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) |