Chinese economy 'secret recipe' of Thai growth

BANGKOK - Prasarn Trairatvorakul, governor of the Bank of Thailand, said on Wednesday "Chinese economy has become a necessary ingredient for our secret recipe for the past decade".

Addressing the launching ceremony of the yuan Clearing Bank in Thailand in Bangkok, the Thai Central Bank governor said the regional prospect has pinned on improvement in intra-regional trades of goods and services.

He said China's economic figures may be somewhat lower than its historical average, as a result of the sluggish recovery of the global demand and the continued structural reform in China.

However, the governor said China's growth rate is still at a satisfactorily high level, and China has yet remained an important engine in support of the growth of the Thai export sector.

He said for the past few years, Thailand has become one of the most popular destinations among Chinese tourists.

"We value this considerably as it not only helps boost the tourism and services sector of the Thai economy, but also tightens our cultural connections," the governor said.

He said the arrays of China development plans are coincided with Thailand's research interest.

According to China's Medium to Long-Term Plan for Development of Science and Technology, China's topics of strategic research include agriculture science, green technology and public health.

The governor said these topics are in line with the agendas of Thailand's National Science, Technology and Innovation (STI) Master Plan.

He said this provides opportunities for joint scientific works based on common interests and medium-term visions.

Thailand could leverage on China experiences and knowhow through technology transfer, and in this light, Thailand could step ahead at the faster pace to achieve its goals, he added.