A senior Bank of Thailand (BOT) official has indicated that the Chinese economy, which is rebounding from the COVID-19 pandemic, serves as a stabilizer and a driving force for the regional and global economy.
In an exclusive interview with Xinhua, BOT Assistant Governor Piti Disyatat noted that despite a global economic slowdown this year, led mostly by developed economies, Asia has become the world’s fastest-growing region, with China playing a key role.
Piti, who previously worked at the International Monetary Fund (IMF) and the Bank for International Settlements, said the world economy is going through a high inflation period and a growth slowdown. He added that China has managed to keep inflation low while its growth bounces back rapidly, becoming a stabilizing force that is beneficial for both the regional and global economy.
The latest data figures from China’s National Bureau of Statistics have indicated that China’s gross domestic product grew 4.5% year on year in the first quarter of this year from 2.9% in the fourth quarter of last year. On a quarterly basis, the economy increased by 2.2% in the first three months.
Piti said he was very impressed by how China has progressed over the past decades, in terms of integrating into the global economy and growing rapidly for such a long time, adding that he is quite optimistic about China’s economy. He said the BoT expects the Chinese economy to grow 5.5% this year. He also commended China’s approach to navigating economic development with vision and patience.
The assistant governor added that the Chinese economy is important to Thailand and the region as ASEAN’s largest trading partner, a major provider of foreign direct investment, and the main source of tourists, noting that China’s recovery from the pandemic benefits both Thailand and other ASEAN countries.
Piti expressed optimism about the prospect of economic and trade cooperation between Thailand and China, saying the two economies are closely integrated. In addition to traditional cooperation in such areas as trade, investment, and tourism, he eyed new opportunities for mutually beneficial Belt and Road cooperation and local currency settlement. He added that the Belt and Road Initiative is a very grand vision undertaking, not just for a region, but across many parts of the world. (NNT)
