China's emergence as a major trading power in Asia has boosted trade between the region and the rest of the world, contrary to fears that it would displace other economies, the Asian Development Bank (ADB) said yesterday.
In its Annual Development Outlook (ADO) 2003 report, the Manila-based ADB noted that total merchandise traded increased rapidly from January to September 2002.
"The region was an aggregate net exporter of goods, with exports rising 31.3 per cent to US$66.4 billion in September from US$50.6 billion in January," the ADB said.
"Developing Asia's imports from the rest of the world also increased by a moderate US$14 billion or 3 per cent from US$46 billion in September 2001," it added.
Widespread concerns that China, an important producer and exporter of a wide range of manufactured goods, would displace other economies in the region also exporting such products were "not supported by evidence," the ADB said.
"Data show that other countries in the region have benefited from the dynamism of China and Hong Kong through rapid increases in trade and are net exporters to China and Hong Kong," it added.
Singapore's exports to China, for instance, grew by an average of 14 per cent per year between 1999 and 2001, while China's imports from Japan have been increasing at an annual rate of 40 percent to 50 percent.
China also has substantial trade deficits with South Korea, Malaysia and Thailand, the report noted.
Instead of viewing China as a threat, the ADB said the Chinese economy "presents immense opportunities because of its large and growing domestic market."
"It is the second biggest market for Volkswagen after Germany," the ADO said. "Ford anticipates that in 5 years it will become a bigger market for its cars than Japan or Germany."
The report also noted projections by economists that while China would be the region's largest exporter by 2010, it would also be the largest importer by 2005, offering unprecedented market opportunities for other Asian countries.
In the services sector, China is one of the fastest-growing sources of tourists in Malaysia, Singapore and Thailand.
"A rising Chinese middle class also suggests strong potential for services industries in the region, such as higher quality education and health services and more sophisticated financial services," the report said.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique