China modified her strategies from time to time to suit the changes that took place in the global scenario and today China is succeeding with its modified 'Socialist' Market Economy, according to Vijitha Herath, MP, Propaganda Secretary, JVP speaking as President of the China Sri Lanka Friendship Foundation at the Sri Lanka-China Business Forum organized by the Ceylon Chamber of Commerce in Colombo last week.
He said that for any country to succeed there should be a plan which should be followed to get the envisaged results. He said that China is succeeding as there is the National Planning Commission to guide China and both the government and the private sector work according to the plans laid down by the Commission.
Ms Yang Xiuping, Chinese Ambassador for Sri Lanka said that China is now positioned as the third largest economy in the world only behind US and Japan with a GDP of US $ 4.4 trillion. Strategic modifications helped them to be in line with the global changes, Ms Xiuping said.
Dr Saman Kelegama, Executive Director, Institute of Policy Studies of Sri Lanka spaking on 'China - Sri Lanka Economic Relations' said that in 2005 when Sri Lanka exports stood at US$ 29.4 million, imports spiraled to US$ 630.6 million. In 2008 the figures were: exports US$ 46.8 million, imports US$ 1,091.5 million. Exports to China and Hong Kong taken together in 2008 was US$ 151.2 million and imports was US$ 1,786.1 million. Foreign Direct Investments by China and Hong Kong stood at US $101,211 million.
He said that China's middle class is expected to reach 400 million by 2010 and there would be a huge market opportunity to be captured by Sri Lankan exporters. He said that China has opened up its borders to Sri Lankan tea and the exporters were encouraged to participate in a tea fair in Hong Kong-an opportunity to penetrate the Chinese market.
Dr Kelegama said that with the rising income of the Chinese population the market for Sri Lankan gem and jewellery in China is growing and also for such products as Herbal, spices, seafood, vegetables, coconut, vegetable, charcoal, and rubberized coir cushions. He said that the same potential lies with tourism - China to Sri Lanka.
Guest Speaker, Dato Patricia Yoon, Colombo Plan Secretary General said that China has changed its centrally planned economy to that of a more market oriented economy during the last 30 years with a rapidly growing private sector. China became a major player in the global economy and in 2009, China's growth rate is expected to be 8.2 % even with the global financial melt down. She said that since 1978 China's GDP has increased 10 fold. |
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