China's developments during the past 60 years, especially after its reform and opening up 30 years ago were unprecedented and "absolutely amazing," Israel's central bank governor said.

"There hasn't been a sustained growth of this speed for so many people ever," Bank of Israel Governor Stanley Fischer said in an exclusive interview with Xinhua.

Bank of Israel Governor Stanley Fischer

"There are countries in East Asia that grow very rapidly, like (South) Korea for instance, but the scale of what happened in China is different from what happened anywhere at any previous time in the history," he said.

The internationally renowned central banker said China's unprecedented growth since its opening up to the world over 30 years ago is not only reflected in the economic numbers, but also "in the streets," "in the way people are dressed," and "in the buildings."

During his first visit to China in 1988, Fischer said when driving from the airport "on a bad road" at night, he saw "trucks broken down that were parked in the middle of the road. It looked like very much a developing country, not a very rich developing country."

But now the Beijing airport is completely modern and huge, the roads were completely different, and the city is modern with beautiful buildings and excellent streets, he said, noting that "the first impression changed completely in 20 years."

Drastic changes not only take place in the capital, but also in all other cities, such as Hangzhou, he said, stressing that "It reflects the degree to which China has rapidly integrated into the world."

When working as an economics professor at the Massachusetts Institute of Technology (MIT) and Cambridge Massachusetts, Fischer was impressed by the number of Chinese students there and their quality. The Chinese people "take advantage of the world and transforming China, transforming Asia," he said.

As one of the most influential central bankers all over the world, Fischer believed China's responses to the global financial crisis, which he said were mainly through fiscal policies and stimulus packages for infrastructure, were extremely successful.

"In fact, you're growing at 8 percent now," he said, adding that even though it is lower than the growth before, it is successful against the backdrop of the global economic recession which have devastated banking systems, erased jobs and stagnated global trade.

In the international level, Fischer believed that China has also become more outspoken and more involved by becoming a member of the Group of 20 developed and developing countries.

"The Group 20 sets itself up as responsible for the global economy," he said. "It means that countries like China particularly, and obviously the United States, the European monetary union, have special responsibilities to make sure that the system works, that trade remains free, that the exchange rate system works, that trade is more or less balanced, that distortions in the international system get dealt with," he said.

He voiced hope that China will take more responsibility and play a bigger role on the world stage.

As regards to the bilateral ties between China and Israel, Fischer said there is room for more cooperation, and that the two countries would benefit each other in high-tech, medical, research, manufacturing industries and cultural exchanges.

He believed that high-tech and agricultural industries are the main areas in which Israel and China could further expand bilateral exchange and cooperation.

Fischer is due to address the China, Israel and World Economy Symposium, which is scheduled for Monday in Tel Aviv and is part of the ongoing "Experience China in Israel" cultural festival.

Jointly held by the State Council Information Office of China and Israeli Foreign Ministry, the event is dedicated to the 60th anniversary of the founding of the People's Republic of China and the 17th anniversary of the establishment of diplomatic relations between China and Israel.

The central bank governor expected the cultural festival, including performances by Beijing Modern Dance Company and China Disabled People's Performing Art Troupe, photo exhibitions and a film week, would help the Israeli public get a better understanding of China.

Source: Chinaview

Editor: Lency