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Asian exports shifting to new markets
of its input needs internally. ”If this trend continues and if other East Asian economies are able to exploit these new opportunities in China’s domestic market then, over time, China is also likely to become an increasingly independent growth pole for the rest of East Asia,’’ according to the World Bank’s latest regional report. ”The character of intra-East Asian trade flows is likely to undergo structural change over time.”

Confirming the resilience of exports from the region, South Korea on Tuesday reported that exports in March rose at their fastest annual pace in five months. The stronger-than-expected trade figures prompted Goldman Sachs to raise its export growth forecast for South Korea this year to 10 per cent from 9.8 per cent, ”on the back of a weaker Korean won and ongoing export diversification.”

Still, the World Bank on Tuesday lowered its 2008 growth forecast for the region, which excludes Japan and the Indian subcontinent, to 7.3 per cent, down from the 8.2 per cent level predicted last November. It said east Asian

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