CHINA / National
China continues to have "enormous impact" on world economy
(Xinhua)
Updated: 2006-08-13 18:42
LONDON -- China will continue to have an "enormous impact" on the world
economy, said a report published by British parliament on Sunday.
The growth of China's trade provides consumers with cheap goods, and
China's companies are striving to "increase the technological content of
their products" and so the challenge for companies competing in this
sector will be very likely to intensify, said the report entitled "East
Asia", which was conducted by the Foreign Affairs Committee (FAC) of the
House of Commons.
"However, foreign investors and traders can profit greatly from these
transformations, provided China adheres to its World Trade Organization
commitments," the report said.
According to the report, the world must take account of the economic
changes occurring in China and cannot simply close the door on Chinese
goods, and any attempts at protectionism would damage attempts to bind
Beijing effectively into the existing international order.
"The preservation of the global multilateral trading structures has
become more important than ever with the emergence of the Chinese
economy," said the report, adding Britain should "maintain its
championship of free trade between the European Union and China, by
working with other advocates of free trade within the EU to support trade
with China".
Britain must urge its counterparts in Washington and in the EU not to
succumb to the temptations of protectionism, even in the face of growing
trade frictions such as those over the value of the Chinese currency,
said the report.
It is the FAC's seventh report of session 2005-06. The FAC, appointed by
the House of Commons, is responsible for scrutinizing the administration,
expenditure and policy of British Foreign Office and its associated
agencies.
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