China's upgraded growth model provides opportunities for world(3)

Rosendo Fraga, director of the New Majority Research Center, said China's economic transformation and upgrading will not only help boost the export of its neighbors or other developing nations but also offer lots of opportunities for countries like Mexico, which can fill China's vacancies in the industry chain.

While trying to restructuring its economy, China is also seeking to break development bottlenecks through innovation, which offers opportunities for European and U.S. enterprises that own advanced technologies in areas such as new materials, bio-medicine and clean energy.

In the context of industrial upgrading, transnational enterprises can find great opportunities in regions like China's Yangtze River Delta and Pearl River Delta, said Gerard Lyons, chief economic advisor to the mayor of London.

Lyons also advised British enterprises to seize such opportunities and enter high value-added industries.

Patima Prajakschitt, a senior research fellow with the Kasikorn Research Center, said that China's industrial upgrade, which draws on technological achievements from developed countries, could also make a technological transfer to developing countries.

China's technological exports of clean energy and solar energy in particular has effectively improved the local energy structure, she said.

A NEW COOPERATION PARTNER AS CHINA GOES GLOBAL

Openness is still the core of China's economic policy as the government work report said that China will adhere to the basic national policy of opening up and implement a more proactive opening-up strategy.

A report of PriceWaterhouseCoopers said China is rapidly emerging as a global investor. It can be predicted that in the future, Chinese capital will actively get involved in global resources and technology, thus relieving the pain of industries from U.S., European economic contraction and financial restraint.

Chinese capital is much needed in the money-hungry world. A report by the University of Sydney said China is expected to invest billions of dollars in Australia in the next five years and the funds could boost local economic growth and create jobs.

Meanwhile, the Chinese economic growth model also offers inspiration to other nations.

In the eyes of Fraga, the Chinese model shows the importance of consistency of a nation's development strategy. Meanwhile, a stable political environment is also vital for a country's socioeconomic development.

Lyons also noted the long-term vision of Chinese decision makers, saying that developing countries can learn from China's gradual approach to financial liberalization as well as its emphasis on infrastructure construction.

Professor Shaun Breslin of the University of Warwick in Britain said the message China is sending to other developing countries is that the Washington Consensus is not the only model of growth.

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