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Beijing fears quick U.S. success in war

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[Beijing, March 21, 2003] Regarding the impact of the US war against Iraq on China’s economy, Zhao Jinping, Vice Director at the Foreign Trade Department of the State Council, said that if the U.S. could quickly win this war and cope well with post-war issues, some of the anticipated international capital will be re-invested into the US market, putting some pressure on China’s effort to attract foreign capital.

Zhao continued that in attracting foreign capital, the advantage of labor costs in some developing countries would gradually become obvious. He believed that China’s greatest advantage lies in its enormous market potential, and foreign direct investment in China will continue to grow steadily.

Zhao also predicted that during the period of this US war, China’s traditional exports, including inexpensive consumer products, would not be affected very much. Instead, information technology and consulting based in the U.S. will be greatly affected.

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