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China factor vital in Asian economic rebound: Philippine president

(Xinhua)
Updated: 2009-08-05 14:36

Philippine President Gloria Macapagal-Arroyo said enhanced regional trade will help Asian countries like the Philippines rebound despite the global economic downturn, as China's consumer-led economy is a big factor in enhancing recovery.

"We are happy about China's successful fiscal stimulus because China is a big market for the rest of us in the region," the president was quoted in a press statement released on Wednesday.

"In fact, we have a big surplus in our balance of trade with China," said the president in an TV interview, adding that "now our exports will go up again with China as the ready buyer."

China is implementing a sizable fiscal stimulus package announced in November 2008. The two-year stimulus package worth 4 trillion yuan ($586 billion) is credited with helping China's economy maintain growth amid the dampened external demand.

As the largest economy in emerging East Asia, China has avoided the worst effects of the global downturn, growing a robust 7.1 percent in the first half of the year. This has led many to believe that the country will help ignite economic recovery across the region.

In Asia, President Arroyo said that among the sources of growth are the presence of the major drivers and economic powers of the 21st century -- China, Japan, and India that also has a big population of some 1.1 billion.

At present, the president said there is now a lot on intra-Asia trade in the region.

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"In the past, Asia produces for America and Europe. Now, Asia is producing for Asia," she said.

So far, the president said China is sourcing from the Philippines a lot of export-oriented products such as electronics, minerals and fruits.

"We are working therefore for more regional cohesiveness and greater regional integration and these are very important drivers of growth as well in Asia," she added.