Indian Prime Minister Manmoham Singh said Friday that the
Chinese economy has performed "exceedingly well" in the past years
and become an engine of growth for the world economy.
The prime minister made the remarks when he addressed the
opening of the 39th Annual Meeting of the Board of Governors of the
Asian Development Bank (ADB) in Hyderabad, capital of Indian state
Andhra Pradesh.
The two-day meeting is to review the financial institution's
operations in the past year and work out guidance for its
administrative, financial and operational directions. Regional
growth, poverty reduction in particular, tops the agenda of
discussions at the meeting.
"The Chinese economy has performed exceedingly well over the
last two decades, demonstrating growth rates which are the envy of
most other countries," Singh said.
The growth in China has helped vast millions of people to be
pulled out of the grip of acute poverty, he said.
Further, he said, the growth of the Chinese economy has fueled
demand for products and services of other countries, and "the
People's Republic of China, in many ways, has become an engine of
growth for the world economy."
He noted that "there is a lot to learn from the Chinese economic
experience and the ADB can certainly facilitate it."
The prime minister also explained India's development strategy,
saying "we signaled our renewed commitment to regional economic
cooperation with our 'Look East' policy."
India, one of the best performers in economic development in
Asia, achieved a GDP growth of 8.1 percent in 2005-2006 fiscal year
ending March, up from the 7.5 percent increase in the previous
year.
Singh said, "the policy marked a strategic shift in India's
evolving perspective of the world."
He said with the policy, India has variously reiterated its
commitment to work with the Association of Southeast Asian Nations
(ASEAN) and individual East Asian countries.
"We are linking India into a web of partnerships with the
countries of the region through free trade and comprehensive
economic cooperation agreements," the Indian leader said.
(Xinhua News Agency May 6, 2006)