APEC business officials optimistic about China's economy

MANILA -- The Asia-Pacific Economic Cooperation (APEC) business officials expressed here on Tuesday optimism about China's economy, saying that China has achieved remarkable growth in many ways in the past 30 years and its economy will continue prosperity after structural transformation.

In an interview with reporters on the sideline of APEC CEO meeting, Sir Rod Eddington AO, chairman of Australia and New Zealand JP Morgan, said he was optimistic about China's economy.

"China is going through an important change at the moment. Their focus is moved from export-led economy to domestic consumption. All changes will take some time," he said.

He said one of key tasks highlighted in China's new five-year plans was to concentrate efforts on infrastructure investment. "There are always difficulties, there are always challenges, but I am optimistic about China's economy which has already become a very important part of APEC area."

Suzanne M. Benoit, president-director general of AERO MONTREAL, said that economy slowdown occurs everywhere in the world, even in the United States. "China is so important for the world because it is the world second largest economy. Beijing and Montreal opened a direct flight last month, I hope we will establish more linkage with China."

She said China is growing very fast and it is a very important economic player in the Asia-Pacific region.

Hoang Van Dung, first vice executive president of Vietnam Chamber of Commerce and Industry, told reporters that China plays an important role in world trade. "If China's economy grows, it will benefit everyone. If China's economy suffers, it will hurt everyone."

He said China is good at manufacture and infrastructure construction, especially in the area of construction of roads, seaports and airports. He expressed hope that China can help APEC economies improve their infrastructure facilities, saying he expected China's economy will recover very soon.

In a related development, Doris Magsaysay-Ho, chairman of the APEC Business Advisory Council (ABAC) said in a statement Monday that new growth drivers are needed in Asia-Pacific as the region expects economic expansion to be slower than initially estimated this year and the next.

"The traditional drivers of growth are running out of steam. Export-led growth is no longer sufficient to drive economic prosperity," said ABAC chairman.

"The major economies in the region are undergoing structural transformation toward domestic demand-led growth," she said.

The ABAC concluded Monday its meetings ahead of the APEC Economic Leaders Meetings.