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| Investment environment of Asia remains unchanged under SARS: official |
| CCTV.COM 2003-05-14 16:05:10 |
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The economic vitality and investment environment of Asia has remained unchanged under the threat of severe acute respiratory syndrome （SARS） because of its strong foundation, said Long Yongtu, secretary－general of the Bo'ao Forum for Asia （BFA）, in Beijing Tuesday.
When delivering the opening remarks to the forum "SARS and Asia's Economy －－ Impacts and Policy Recommendations," Long said that the Asian countries will see a new era for economic cooperation if they make an accurate assessment of the situation, formulate scientific and effective measures and work in concert.
The negative impact of SARS should not overwhelm people, Long noted. It will certainly cause a slowdown of the economic growth rate, but it could also provide a much－needed period of self－adjustment for some sectors in some countries which showed signs of over－heating or over－investment.
"Self－adjustment, a much－needed process, has always proved to be conducive to improving the quality of economic development," Long said.
He said tourism, the most affected sector by SARS, may also be in need of a thorough review and adjustment, which would be conducive to protecting the countries' most vulnerable resources. Moreover, government and entrepreneurs in fields concerned could have more time to consider long and medium－term economic development issues.
People should pay attention to potential growth in some sectors, including telecommunication, medical services and online businesses, Long pointed out, so research should be directed toward the impact on people's consuming psychology and investment policy making, to find the new economic growth.
He believed that the scale of economic impact caused by SARS is obviously dependent on the government control. As SARS' economic impact on a wider scale proves that the economic globalization is already a reality, Asian countries should be far－sighted and join hands to combat SARS, minimizing the possible loss.
Holding an optimistic view of the Chinese economy, Long said the economic fundamentals in China have not changed for SARS. China is still seen as the most competitive labor market in the world, and a big market with great potential as well.
According to Long, Sir Stephen Brown, Group Chief Executive of British Trade International, who visited China in late April, stated that he did not believe that foreign investment in China would be impaired by SARS, as the market potential for investment has not changed.
The forum co－organized by the BFA and the Asian Development Bank invited experts, entrepreneurs, government officials and representatives with international organizations to give advice to Asian countries on economic development in the SARS－affected period.
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Editor: Hope Source:Xinhua
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