Countries in Southeast Asia should not rely too heavily on the economic strength and growth of China to keep their economies moving, as the giant to the north is pursuing a gradual slowdown in order to avoid a more serious collapse, according to Supachai Panitchpakdi.
China’s real role is to maintain Asia’s economic stability, not prop up the woeful global economy, says Dr Supachai, the secretary-general of the UN Conference on Trade and Development (Unctad). As the growth engine of Asia, China needs a soft landing to sustain the supply chain that feeds the rest of the world market.
With many major economies still barely growing four years after the financial crash that began on Wall Street, the world had high hopes that China could prop it up, but this was not realistic since China itself is still a developing economy, warned Dr Supachai.
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