China an example of stability leading to industrial development

Stability is vital for industrialization, economic development and prosperity, United Nations Industrial Development Organization (UNIDO) Director General Li Yong said in Vienna on Monday. He made the statements as part of UNIDO's 2013 report at the National Bank of Austria (OeNB), and made particular reference to his home country of China, where GDP growth has risen sharply over the past 40 years. He said the Chinese government has contributed to stability with its economic policy, and combined with cooperation with international organizations and foreign direct investment, China's economy has been propelled forward. That areas of industry had moved from China to other Asian countries such as Bangladesh and Cambodia were good things, he added, and fell in line with the 2013 report, which mentions that all countries should strive for production with higher complexity and value-added in the course of industrialization. OeNB governor Ewald Nowotny said industry contributes significantly to the growth of countries, and that the most recent economic crisis showed countries with less industrialization fared worse than those with more such as Austria and Germany.