China remains engine of global growth, crucial for Asia-Pacific stability, says M'sian observer


Center for New Inclusive Asia (CNIA) president Koh King Kee. - Photo courtesy of CNIA

KUALA LUMPUR (Xinhua): China will remain the engine of global growth as the world seeks to move past disruptions and uncertainty caused by the pandemic and regional conflicts, a Malaysian observer said ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) Leaders' Week 2023.

The Asian giant is a key anchor to stability in the Asia-Pacific region and beyond and an important driver of global economic recovery. Other APEC partners must recognise this fact and offer sincere cooperation if the world is to overcome looming challenges, Koh King Kee, president of the Center for New Inclusive Asia, a non-governmental Malaysian think tank told Xinhua in an interview.

Koh explained that China has been a locomotive of global growth over the last decade, in large part due to its pivotal position in the global supply chain, its massive consumer market and its efficient manufacturing ecosystem.

Its peaceful rise has a positive spillover effect across the region as the country has maintained a win-win corporation policy towards its partners.

"You can't live without China's market these days for any multinational or any company that claims itself to be a global player.

"China has also come out with the Global Development Initiative (GDI), an offer to help developing countries in terms of things like digital transformation and green development.

"As an important player in the global economic system, it is important for China to play a key role in economic development of the world as no country is an 'island'," Koh said.

"The world will continue to benefit from China's growth. A prosperous Asia-Pacific is good for China. Likewise, a prosperous China will benefit Asia-Pacific countries," Koh said, adding that smaller export-oriented countries like Malaysia have found China as their common denominator as China is their biggest trading partners and they will continually benefit from access to the Chinese market. "This is why countries must work together and see how they can complement each other."

Koh also said China, being a leader in the new and renewable energy sector and having implemented a successful poverty eradication program, has relevant technologies and experiences to offer to its trade partners, in addition to its commitment in addressing climate change.

Koh who has recently visited several third-tier cities in China said he was overwhelmed by the resilience and strength of China's economy and its technology. "China is a country that can help change the world for a better future, particularly for the Asia-Pacific region," he concluded. - Xinhua

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China , Asia-Pacific , Malaysia , Growth

   

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