Asia 'must cut export dependency' 亚洲“必须降低出口依赖性”

Asian governments must cut reliance on export-driven growth and spend more to cut poverty, Asian Development Bank (ADB) finance officials have said.

亚洲发展银行财政官员说 ，亚洲国家政府必须切断对出口增长的依赖，花更多的精力解决贫困问题。

China and India backed Mr Kuroda's calls to boost domestic demand

Countries must restructure to focus on domestic demand as they grapple with（格斗） economic chaos¹, the banks' annual meeting in Indonesia was told.

Asian economies are slumping³ as demand for their products falls during the worst global slump² since World War II.

The downturn is set to keep tens of millions of people trapped in poverty.

'Greater resilience（跳回）'

Asia's main export markets had experienced a "massive contraction⁴ in demand" since the implosion⁵（内爆） of the US mortgage market triggered the global banking⁶ crisis last year, ADB President Haruhiko Kuroda told a seminar（研究会，研讨会） at the meeting.

He said the knock-on effects had been interest rates on bonds rising and Asian currencies depreciating⁷（贬低） as foreign capital was taken out of emerging markets.

Economic stimulus⁸ packages produced by the likes of China and Japan to boost their economies would not be sufficient in the long-term he added.

"Over the longer term, developing Asia is starting the process of rebalancing growth from excessive dependence⁹ on external demand to greater resilience on both consumption（消费） and investment," he said.

"Already there are signs that domestic consumption is remaining strong in Asia and may well lead the way out of this downturn."

The ADB is predicting growth of 3.4% in Asia for 2009 compared with more than 9% in 2007.

Poverty warning

Chinese and Indian finance officials were among those backing Mr Kuroda's calls for efforts to stimulate¹⁰ domestic consumption.

Greater spending on infrastructure¹¹（基础结构） and education were needed, they said, as well as social safety nets to give Asian consumers, especially the poor, the confidence to spend.

The ADB's main role is lending to alleviate¹²（减轻，缓和） poverty in developing Asian nations.

But it estimates that the economic crisis has kept about 60 million Asian people in severe poverty, who, in less uncertain global economic times, would have been able to improve their standards of living.

At the meeting, Japan, said it would make 6 trillion yen¹³ ($40.1bn; $60.5bn) available for currency swaps¹⁴ - giving nations with weaker currencies access to yen in a funding crisis.

And finance ministers from south east Asia along with Japan, China and South Korea, agreed to set up a $120bn (£80.5bn) pool of emergency funds.