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China to help drive world GDP expansion (2)

By Wei Tian (China Daily)

07:59, January 18, 2012

"Growth close to 9 percent for the world's second-largest economy was absolutely good news for a global economy on the edge of a double dip (recession)," said Wang Tongsan, a senior researcher at the Chinese Academy of Social Sciences.

Wang admitted that a further slowdown in China's growth may drag on countries such as the US and Germany, which are counting on exports to China for their own recovery.

Meanwhile, a weakening export volume from China may lead to fewer imports from commodity-based countries, such as Brazil and Australia.

However, China's better-than-expected growth rate should boost confidence in the prospects for the global economy, Wang said.

"Meanwhile, let's not forget that the growth was achieved under a domestic environment of policy tightening," said Zhu Baoliang, a research fellow with the State Information Center.

Zhu suggested that an easing of those measures, a highly probable scenario, will restore growth as inflation retreats.

China is now the largest contributor to global growth, according to a recent report from JP Morgan Chase & Co. In 2011, the country accounted for nearly 12 percent of aggregate global GDP and more than one-third of its growth.

"As the economic woes in a number of developed countries drag on the global economy, China's contribution to global GDP growth is like to increase further," Zhu said.

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