Global economy gravity shifts to Asia: official

The centre of gravity for the global economy has truly shifted to Asia, with China leading the way, a Singapore's senior official said in Singapore on Wednesday.

Lim Hwee Hua, Minister of State for Finance and Transport, made the remarks at the Women's International Shipping and Trading Association annual conference held here.

She said that Asia is a fast-growing region, led by China which, after two decades of dizzying growth, continues to grow at a remarkable rate of 11 percent in the second quarter of this year, fueled by strong exports and investments.

"We can expect China to sustain its strong growth, and continue to energize trade, investments and growth opportunities in the Asian region." said Lim.

The minister said that the growth of the Chinese economy has contributed significantly to the buoyant freight rates of recent years. So it is natural that shipping companies try to seize the opportunities offered by the strong Asian economic growth.

As Asia continues to drive tomorrow' world economy, the western- based shipowners, ship operators and maritime service providers have established more regional headquarters in Asia in recent years,according to Lim.

She called on the shipping industry to keep on developing human capital in Asia to support the anticipated growth in trade and maritime activity in this region.

Source: Xinhua