Business / Economy

Emerging markets can benefit from China's experience

By Yang Ziman ( Updated: 2015-10-20 13:28

China can offer significant experiences and assistance to other emerging markets in their development to generate win-win results, former top government leaders in a number of developing countries said on Monday.

The Beijing Forum for Emerging Markets, held Monday and today, has brought together former top leaders from Asia, Africa and Latin America, as well as directors of international financial organizations. It is organized by the Chinese People's Association for Friendship with Foreign Countries, an institute dedicated to people-to-people diplomacy since 1954.

"In past decades, China has done more than any other country in modern infrastructure, which has facilitated fast economic growth," said Harinder Kohli, chief executive of the Emerging Markets Forum in Washington D.C. "Infrastructure is the bottleneck hit by other emerging countries. China can provide technological support and financial aid to these countries."

Fakhruddin Ahmed, former prime minister of Bangladesh, has suggested the construction of a road from Kunming to Bangladesh through Myanmar.

"Once it is completed, Calcutta can be connected with Dehli and even Iran and Afghanistan, like the modern-day Silk Road," said Ahmed.

Djoomart Otorbaev, former prime minister of Kyrgyzstan, has elaborated on the potential of Central Asia to become part of China's energy import, which also requires significant infrastructure investment.

"If Central Asia could become a major source of energy for China, it will cover 17 percent of China's energy demand by 2020 and probably cover all of its demand by 2030," said Otorbaev. "Now China only imports 8 to 10 percent of its energy from Central Asia, which means great potential in this regard."

Raila Odinga, former prime minister of Kenya, said that Africa may learn from China in upgrading the manufacturing industry.

"Manufacturing industry contributes only 12 to 14 percent to GDP in Africa, and it is at the bottom of the value chain in the world," said Odinga.

"China is no longer the cheap world factory. Africa can set its vision on what China has accomplished, which requires the cooperation between the two countries," Odinga added.

Enrique Garcia, president of the Development Bank of Latin America, has suggested that China and Latin America must strengthen sustainable partnerships, particularly in infrastructure construction.

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