China Daily

News> Business> Content
Thursday, September 14, 2017, 22:27
China's growth helps promote global economic recovery
By Xinhua
Thursday, September 14, 2017, 22:27 By Xinhua

This photo illustration taken on February 9, 2017 shows Chinese 100 yuan notes in Beijing. (FRED DUFOUR / AFP)

BEIJING - The world economy has recovered slowly out of the global financial crisis starting in 2008 and recorded moderate growth, in which China has made impressive contribution as a stabilizer and engine.

The Asian country has not only managed to achieve its own economic stability and prosperity, but also offered valuable wisdom and solution to help put the global economy on the track of robust, sustainable, balanced and inclusive development.

CHINA'S STRENGTH

China has made remarkable economic achievements over the past 10 years as its economic aggregate has grown by 239 percent and the total value of imports and exports has risen by 73 percent, according to official figures.

During the period, China has become the world's second largest economy and the lives of its 1.3 billion-plus people have significantly improved.

China accounts for more than 30 percent of the world's economic growth annually since the 2008 financial crisis, official figures show.

Russian First Deputy Prime Minister Igor Shuvalov said China is a major driver for global economic growth, expressing his belief that China's economy will continue to grow steadily.

China's economic achievements did not come by easily as its reform endeavors have entered a crucial stage, with some underlying difficulties and problems surfaced. To address tough challenges, The country is determined to deepen all-round reforms.

Over the past five years, the Chinese government has adopted more than 1,500 reform measures covering all sectors, with breakthroughs made in multiple areas.

The pace of economic structural adjustment and industrial upgrading has accelerated. China's economy has maintained steady and sound performance, and new drivers sustaining development have grown in strength.

The tremendous economic achievements are the results of China's concepts to blaze a sustainable path featuring innovative, coordinated, green, open and shared development.

Those concepts will not only lead to profound changes in China's growth model, but also offer helpful insights to global development.

China posted strong-than-expected economic growth of 6.9 percent in the first half of 2017, and its official Purchasing Manager's Index (PMI) stood at 51.7 in August, up from the previous month's 51.4 and well above the 51-point mark that separates growth from contraction on a monthly basis.

"China is far and away the fastest growing market for Made in America. Between 2006 and 2016, goods exports rose 114 percent while services growth was over 340 percent," said a recent article carried by Forbes' website.

Besides major world economies such as the United States, even some Pacific Island nations are enjoying close economic relations with China.

In a recently published report, the World Bank urged Pacific Island nations to tap into the Chinese market to grow wages and create jobs.

The report estimates more than 100,000 jobs could be created in tourism alone by tapping into China's growing middle class, retirees, and cruise ship and high-end resort markets.

CHINA'S WISDOM

While offering Chinese experiences to other countries' reforms and developments, China has also put forward its own proposals and "solutions" to help promote world economic growth and improve global governance.

In recent years, the world economy and governance have been facing a multitude of new risks, including rising protectionism and unbalanced growth.

Chinese leaders have put forward four proposals to address the challenges, including building an innovative world economy to generate new drivers of growth, an open world economy to expand the scope of development, an interconnected world economy to forge interactive synergy and an inclusive world economy to strengthen the foundation for win-win outcomes.

The four proposals embody long-term consideration and strategies that aim to address both the symptoms and root causes of the sluggish world economy.

The Belt and Road Initiative, proposed by China in 2013, establishes a new platform for win-win cooperation among countries around the world and creates new opportunities for the fulfillment of the 2030 Agenda for Sustainable Development. In May, China successfully hosted the Belt and Road Forum for International Cooperation in Beijing, starting to turn development concepts into action.

China also initiated the Asian Infrastructure Investment Bank (AIIB), a multinational institution aiming to spur Asia's economic growth through infrastructure investment. With the tally of approved members rising to 80, the bank has so far approved 16 projects worth US$2.5 billion.

READ MORE: China Aug factory output up 6%, investment up 7.8%

To help finance infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, China co-founded the BRICS New Development Bank (NDB) with its headquarters in Shanghai.

Moreover, China has put forward the "BRICS Plus" approach by inviting leaders of Egypt, Mexico, Thailand, Tajikistan and Guinea for a dialogue on the sidelines of the 2017 BRICS summit held in Xiamen about a week ago, sending a strong signal of strengthening South-South cooperation and world development cooperation.

By putting forward the Belt and Road Initiative and showing growing willingness to play a major role in promoting globalization, China has given a shot in the arm for the flagging global economy, said Koh Chin Yee, CEO of the Longus Research Institute in Singapore.

All the initiatives, from the Belt and Road to the "BRICS Plus", have shown that China is becoming a "responsible stakeholder" in the world, said Stephen A. Orlins, president of the National Committee on US-China Relations.

Share this story