Nations 'benefit from China's growth'
(China Daily)
Updated: 2006-02-21 06:05

Some people overseas declare that the world is wary of China's economic development, but Zhang Xiaoqiang who recently returned from the World Economic Forum summit in Davos, Switzerland found it is not the case at all.

On the contrary, the vice-minister of the National Development and Reform Commission told China Daily, countries relying on raw material exports have benefited greatly from rising demand in China.

"Officials were all smiles when they talked about Chinese imports," he said, adding that China would certainly import more resources and energy to sustain its economic growth.

"No one can stop the trend of China's development but everyone can benefit from new opportunities brought about by our economic growth," said Zhang.

During the past several years, countries such as India, Brazil, and Cuba have increased their trade revenues by expanding raw material exports to China, Zhang said.

Some critics have exaggerated the challenge posed by China's imports without paying enough attention to the benefits reaped by exporters.

"I know they are afraid China's growing needs will pose a threat to the world's resources and energy security," said Zhang.

"But up to now, despite the boom in imports, the country mainly relies on its own resources for achieving its development goals."

Zhang said China has been making a serious effort to restructure its economy to use resources more efficiently.

He cited the latest official figures showing that China's dependence on crude oil imports was 42.9 per cent in 2005, 2.2 percentage points lower than in 2004; and total oil demand was 318 million tons last year, 1.08 million tons less than in 2004.

Besides coal, China is also the top coke exporter, supplying 56 per cent of global demand in 2004.