[asia-apec 553] Solutions to beat SE Asian Crisis

[ALARM (APEC Labour Rights Monitor)]

Mitec'98 to seek solutions to beat SE Asian Crisis
by Wang Yong and Ju Chuanjian
China Daily, August 7, 1998


Yantai, Shandong Province -  More than 3,000 government officials and
entrepreneurs from the Asia-Pacific region will attend a conference on how
to cope with the Asian financial crisis. 

Conference organisers said all of the 21 members will send delegates to the
Second Asia Pacific Economic Co-operation (APEC) International Small/Medium
Enterprises Technology Exchange and Fair (Mitec'98).

The conference will be held here in the 2nd week of October. It is
co-sponsored by APEC and the State Economic and Trade Commission of China.

Although China has so far been apparently immune to the worst of the
financial woes besetting its neighbours, some speculate that it's only a
matter of time before China suffers, too. ALready, China's exports to Japan
and the Southeast Asian countries declined by a big margin resulting from
their weakened currencies.

BUt Long Yongtu, Vice-Minister of Foreign Trade and Economic Co-operation
(Moftec), said yesterday that the upcoming APEC affair will help the
countries revive their battered economies by more and closer technological
co-operation.

That, along with trade and investment liberalisation, tops the agenda of
the October meeting. Of the APEC members, Indonesia, Japan, the Republic of
Korea, the Philippines, Thailand, Malaysia are the hardest hit by the
financial crisis which has led to a domino devaluation of their currencies.

"Consolidated co-operation among small and medium firms can stimulate the
process of trade liberalisation," Long told a preparatory meeting for
Mitec'98.

APEC members account for nearly half of global trade volume and half of
world gross domestic product (GDP).

Conference attendees attend workshops and trade negotiations. Co-operative
projects range from telecommunications to automobiles.

"Chinese firms may consider buying more raw materials and equipment from
certain Asian countries, while cautiously investing more abroad as
currencies of crisis-affected economies have depreciated," Yang said.

Chen Bangzhu, Vice-Minister of the State Economical and Trade Commision,
said Mitec'98  will also offer small Chinese companies a chance to study
western-style management. He said many domestic firms have been developing
rapidly but haphazardly.