China to become world's second largest trade power

China will become the world's second largest trading power within the next few years behind the United States if it keeps up its current rapid growth, a top Chinese official was quoted as saying recently.

The China Business Times cited Sham Qingjiang, director of the science and technology department in the Ministry of Foreign Trade and Economic Cooperation, Shan noted that in 1989 China ranked 15th in world trade, but by last year had become the globe's sixth largest importer and exporter.

Foreign trade in the world's most populous market had been growing at a much higher rate than the world average for the past 12 year Shan said.

According to figures complied by Beijing last year, every person in the world owns at least one pair of shoes and 2.8 items of clothing made in China, it added. Beginning last year, China has also witnessed rapid growth in exports of higher end products such as the mobile phone handsets, computer monitors and air conditioners, it said.

China already ranks as the number one exporter of many labour incentive products such as garments, shoes, clocks and bicycles, the report said.

Thai economy grows

Thailand's economy grew by 5.5 percent in the third quarter, pushing the full year forecast to the high end of the 4.0-4.5 percent range tipped for 2002, the official records keeper said recently. National Economic and Social Development Board secretary general Chakramon Phasukvanich said the expansion in the three months to September was on the back of high exports and strong domestic consumption. The result, which beat official expectations of year-on-year growth below 5.0 percent, meant it was 'highly likely' that full year GDP growth will come in at 4.3 percent.

Japan's economy grows by 0.7%

Japan's economy managed to eke out a third straight quarter of growth, expanding by 0.7 percent in the July-September period, but worries remain that the nascent economic recovery may prove short-lived.

The numbers released recently by the Cabinet Office show that growth for Japan's gross domestic product the total output of goods and services was weaker than the 1.0 percent growth in the April-June quarter.

Government ministers acknowledged that the recovery was slowing down but they continued to send mixed signs about the possibility of an extra spending package, which some politicians are pushing as vital to keep growth going.

Analysts said the GDP number look brighter than the dismal realities because they were revised to reflect inventory fluctuations and push up consumption indicators.

Japan's feeble recovery still depends heavily on robust exports. Any setback in the rebounds in the United States and elsewhere would endanger Japan's hopes for a turnaround.

South Korea's current account surplus triples

South Korea's current account surplus tripled to $459.7 million in September from $150.9 million in August on stronger exports and reduced services account deficit, the Bank of Korea said on recently.

"A slight rise in merchandise trade surplus and sharp falls in services account deficits combined to help boost the current account surplus," the central bank said.

In September 2001, the current account surplus stood at $735.8 million, it said.

ASEAN urged to scrap nontariff barriers

Southeast Asians nations must work harder to scrap non-tariff barriers as part of efforts to integrate their economics more closely, ASEAN Secretary General Rodolfo Severino said.

Severino, quoted in a statement from the secretariat of the Association of Southeast Asian Nations, said ASEAN leaders recognized that regional economic integration was the key to competitiveness in trade and investment but there was a need for advancement.