A steady and robust economic growth of China and India is vital to help the world economy tide over the ongoing financial crisis, Bob Buckle, Chairman of Economic Committee of APEC Secretariat, said on Tuesday.
China and India have been "a crucial engine of growth" for the world economy, and a continued strong economic growth in the two countries would be vital to help restore market confidence during the global financial meltdown, Buckle told reporters during the APEC Leaders' Week that began in the Peruvian capital Lima on Sunday.
In the past decade, China has maintained a strong economic growth and economies in the Asia-Pacific region have benefited a lot from China's economic growth and the country's steady integration into the regional and global economy, he noted.
Unlike the Great Depression in the 1930s, the current financial crisis would not lead to similar dire consequences thanks to the robust growth and enormous economic potential in emerging economies like China and India, Buckle said.
Still, these countries would have to reform their economic policies to be more resilient to market shocks, he said.
The APEC forum provides a great opportunity for the member economies to share experience in addressing such grave challenges as a sharp drop in global demand and investment, he said.
The Economic Committee of APEC Secretariat would release its annual economic policy report on Thursday ahead of the APEC summit that begins on Saturday.
The 2008 APEC Economic Policy Report would explain how a sound competition policy, based on diverse economic, institutional and legal conditions of each economy, can improve economic performance, he said.
Established in 1989, APEC groups Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Vietnam.