Asian integration best engine for regional growth
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E-mail Xinhua, April 11, 2014
Compared with three percent world economic growth and only one percent in three leading developed economies, Asia's growth last year at 6.1 percent was a seemingly unattainable feat.
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Puzzling out cooperation [By Jiao Haiyang/China.org.cn] |
As shown by past experience, Asian economic integration and strengthened cooperation serve as the most reliable engine for sustained growth in the region.
With galloping growth in recent years, Asia stands as one of the most dynamic regions in the world. It produces a third of global GDP, boasts a population of over 4 billion and ample labor supply, and has tremendous growth potential yet to be unleashed.
A report released last week by the Asian Development Bank raised its forecast for Asian growth slightly up to 6.2 percent for this year and to 6.4 percent next year against the backdrop of positive factors for growth, including expected stronger demand from developed nations.
The brisk growth also has a strong bearing on the increasingly close economic and trade ties between Asian nations. As economic integration strengthens, no single nation in the area can grow and prosper in isolation.
Asian integration has continued to move forward in spite of lackluster recovery around the globe. A report released by the Boao Forum for Asia (BFA) shows Asia's self-dependence in trade increased to a historic high of 59.49 percent in 2012.
The number showcases the closer interrelations between Asian countries and helps us understand integration's vital role in sustaining growth.
