UN agency hails China's industrial strategy

MEXICO - The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) on Thursday hailed China's industrial strategy, saying it helped the Asian giant maintain its economic edge in the world.

China's transition from an investment- and export-led economy to a consumption-driven economy is reshaping many of the global chains, ECLAC Executive Secretary Alicia Barcena said at the agency's 36th session held here from Monday to Friday.

At the meeting that has summoned representatives from nearly 60 countries, Barcena touted China's strong industrial bent.

"What I am most interested in showing you is the case of iron and copper, because what China did was buying, accumulating and reserving, and today China is the world's leading producer of steel and processed copper," Barcena said.

"China continues to be ... ahead of emerging countries," said Barcena.

"Today, China not only plays an economic role, but also a military role, a role at the United Nations, where it has become a major contributor, for example, to peacekeeping forces," she said.

The biennial meeting is ECLAC's most important, aiming to analyze development issues of Latin American countries and propose solutions.

ECLAC's 45 members include 33 countries in Latin America and the Caribbean and 12 from outside the region. It also has 13 associate members, all non-independent islands in the Caribbean.