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Shanghai success to be repeated in India: US Comm Secy

Observing that Shanghai is one of the world`s greatest economic success stories, the US commerce secretary Gary Locke today said in the years ahead the story of the Chinese megapolis will be repeated in many parts of India.



Washington: Observing that Shanghai is one
of the world`s greatest economic success stories, the US
commerce secretary Gary Locke today said in the years ahead
the story of the Chinese megapolis will be repeated in many
parts of India, South America and Africa.

"It has been an amazing transformation. The maturation
of Shanghai is one of the world`s greatest economic success
stories, and one that makes the Chinese people justifiably
proud," said Locke told the American Chamber of Commerce in
Shanghai today.

"And this is just the beginning. Shanghai`s explosive
growth has been replicated in cities throughout China. In the
years ahead, the story will be repeated in many parts of
India, South America and Africa," he said.

"People will become wealthier, healthier and eager to
embrace the energy-hungry amenities of modern life, from
automobiles to air-conditioning. This is an eventuality we
should celebrate," he said.

But this rapid development will challenge the world`s
physical and intellectual resources as never before, he
cautioned. "When we add the future energy demands of emerging
countries with continued economic growth in the more developed
ones, we are left with a stark energy reality staring us in
the face. By mid-century, global energy use is likely going to
double," he said.

Ahead of the US-China strategic and economic dialogue,
Locke said, "working together, China and the US can lead a
second industrial revolution, where cleaner and more efficient
technologies power the world`s factories, cars and homes in
the 21st century.

"The disagreements we have are an inevitable byproduct
of the growing and mature trade relationship between our
countries. Although it`s become something of a sport to
portray every trade disagreement between the US and China as
evidence of an impending trade war, it is important to
remember that such disagreements cover a very small fraction
of the trade between our two countries," he said.

While the US and China won`t always agree on everything,
our economies and our environments are closely linked, and we
have to strive to solve our problems through dialogue and
cooperation. And we do ourselves no favors by pretending
otherwise," he said.

-PTI

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