China's structural reform key to Asia Pacific growth: survey
Updated: 2014-11-08 14:16
BEIJING-- China's structural reform and more demand-led growth is "the most important factor" for future growth prospects of the Asia Pacific region, a survey has found.
A report of the Pacific Economic Cooperation Council (PECC) annual survey said it echoed another finding that the top risk to growth is the economic slowdown in China.
The results reflect the growing importance of the Chinese economy to the rest of the region, for most of whom, China is their largest trading partner, the report said.
China's GDP expanded 7.3 percent from a year ago in the third quarter, compared with 7.5 percent in the second quarter and 7.4 percent in the first quarter of this year, official data showed.
China's growth continues to moderate, reflecting policy efforts to rebalance the economy as the country works to implement reforms supporting more sustainable growth, according to the World Bank's China Economic Update released by the end of October.
The failure to implement structural reforms ranks the third risk to growth after a lack of leadership in the region, according to the report.
The other two important factors that can boost the regional economy are further liberalization and improvements to the rule of law.
The survey was made among some 600 government officials, business people, academic researchers and the press in Asia Pacific Economic Cooperation (APEC) economies.
"APEC provides a venue that gives economies the confidence to implement reforms by knowing that everyone else are also on the same track." said Don Campbell, a co-chair of PECC.