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People's Daily Online>>China Business

"China engine" expected to roar ahead amid global economic woes (2)

(Xinhua)

15:20, March 04, 2012

GROWING CHINA CONTRIBUTION

As China's economy grows, its contribution to the world economy also increases at a steady pace.

According to World Bank calculations, China's contribution to world GDP growth increased from 4.6 percent in 2003 to 14.5 percent in 2009.

Statistics from leading investment bank Goldman Sachs showed China's accumulative contribution to the global economy exceeded 20 percent from 2000 to 2009, higher than that of the United States.

For its Asian neighbors, China has become an increasingly important export destination, as demand from Western countries has been dwindling since the outbreak of the global financial crisis.

China's appetite for commodities has proven a powerful economic boost for countries like Australia, Brazil, Indonesia and also some Middle East countries. Meanwhile, China's imports of high-end mechanical equipment also helps shore up growth in Germany, Japan and South Korea.

According to preliminary estimates by China's Ministry of Commerce, China's total imports in the next five years will reach 8 trillion U.S. dollars. The figure is undoubtedly "good news" for the sluggish global economy.

South Korean scholar Mun Heung-go said China's economic development has brought positive effects for its neighbors and the Asia-Pacific region, and the effects are rippling through the whole world. "A stable economic development in China is of crucial importance to the stability of the global economy," he said.

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