Business / Economy

UNCTAD chief hails China's vital status in global economy

(Xinhua) Updated: 2014-10-01 14:19

GENEVA - The chief of the United Nations Conference on Trade and Development (UNCTAD) commended the vital status of China in global economy in a written interview with Xinhua in the advent of China's National Day.

Mukhisa Kituyi, Secretary General of UNCTAD, hailed the importance of China in making Asia as the most dynamic region of today's world economy, and commended the crucial role played by China in helping cut world poverty.

The senior official said that in addition to transforming its economic structure, China also harnessed foreign investment and capital to integrate into the world economy.

"Through this process it has developed its productive capacities, and engaged in continuous technological upgrading to move up the global value chain and diversify its exports," said Kituyi.

He noted that China's demand for inputs has made it a strong market for primary commodities from developing countries, and it has also played a key role assembling manufactured goods of higher technological sophistication using inputs produced in developed countries.

"The growing importance of China's domestic demand to its growth -- with some tentative signs of an increasing role for private and public consumption -- reminds us that China continues to transform its economy," Kituyi added. "This opens up further opportunities for other developing countries to try and emulate China's success, which has also led it to become a strong source of outward foreign investment itself."

The UN organ head said UNCTAD was making efforts to deepen cooperation with China to enable closer "south-south" exchanges of knowledge and expertise between China and other developing countries, in particular the Least Developed Countries.

"In many ways, China's rise can provide valuable lessons for other developing countries, both on how to achieve a successful development strategy, but also on how to confront the challenges that may come along with success," he said.

Kituyi commended the steps that China is taking to ensure that the future global development agenda is economically, socially and environmentally sustainable.

"China will play an indispensable role in helping the world economy transition to a more sustainable pattern of low-carbon growth, and in helping end extreme poverty everywhere," said Kituyi.

UNCTAD chief hails China's vital status in global economy
UNCTAD chief hails China's vital status in global economy
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