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Will China's economic growth change the world economic pattern?
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17:26, September 11, 2009

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"Who will become the driving force behind global economic growth in the future, the U.S., China, Japan, India or Europe?" This was a special multiple choice question proposed to members participating in an interactive meeting themed "Asian economy outlook" at the Summer Davos Forum held in Dalian.

"This is a very interesting multiple choice question," Zhao Xiaoyu, vice president for operations of the Asian Development Bank (ADB), told Xinhua News Agency reporters once the interactive meeting was over.

"Who will become the driving force behind global economic growth in the future?" This question proposed at the Davos Forum, which is famous for its innovation and advanced consciousness, reflects a hot topic attracting worldwide attention since the outbreak of the financial crisis: will China's rapid and steady economic growth change the world economic pattern?

A survey report published at the Summer Davos Forum being held in Dalian between September 10 and 12 showed that over 70 percent of respondents believe that by 2020, Asia led by China will become the most influential region among global economies. This survey report involved 130 worldwide important business leaders, financial personnel, scholars, government officials and people from supervisory institutions.

This week's issue of the U.S. Fortune magazine used a formula to illustrate the global influence of the Chinese economy: Sinopec plus the Industrial and Commercial Bank of China (ICBC) equal ExxonMobil Chemical plus Microsoft plus Luxembourg's gross domestic product (GDP).

This formula shows the respective growth and decline of the strengths of Chinese and US enterprises, but its deep underlying meaning is that the financial crisis is shifting world power to emerging markets led by China.

This view was agreed by most Davos participants. "The world economy is recovering and it started from China," said Klaus Kleinfeld, Alcoa president and CEO attending the Summer Davos Forum in Dalian, in an interview. U.S.-based Alcoa is the world's largest aluminium producer. Kleinfeld also said that at present, China is the first country to show achievements in economic recovery worldwide, which is mainly thanks to a series of timely and effective economic stimulus measures launched by the Chinese government.


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