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China to become largest market in World Trade Center Association

By Tu Lufang (Beijing Daily)

08:24, February 28, 2012

Edited and translated by People's Daily Online

Emerging economies in Asia-Pacific will continue to lead global economic growth this year, and the total scale of China’s imports within the next five years is expected to exceed 9 trillion U.S. dollars, Pei Changhong, director of Economic Research Institute of Chinese Academy of Social Sciences forecasts.

After the international financial crisis, the economic globalization trend is not reversed. According to the United Nations forecast, global economic growth this year is estimated to be 2.6 percent, and international trade growth about 5.8 percent. However, the international direct investment flows have fundamentally changed post-financial crisis, from previously mainly to developed economies to developing economies, with a focus on emerging markets.

The IMF believes that the economic growth in the Asia-Pacific region may reach 5.5 percent this year; in particular, growth rates for Asian emerging economies will be 7.3 percent and 7.8 percent in 2012 and 2013 respectively. China’s growth rate will reach 8.2 percent and 8.8 percent respectively. Pei predicted that the Chinese economy as a whole is in a favorable situation and its economic growth this year may still exceed 8.5 percent.

Actively expanding imports is an important means for China to maintain economic growth. China's total imports last year reached 1.74 trillion U.S. dollars, with 75 percent from the Asia-Pacific region.

"China will consolidate its position of the world's manufacturing center, maintain a certain level of export growth, and seek to establish its international competitiveness by exporting more goods to the global market." Pei believes that China will build its ability of global resources disposition through large-scale imports, which is also an important manifestation of international competitiveness.

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salisu suleiman umar at 2012-02-2880.87.79.*
I love china and Chinese people wishing them very best in life and development of the counrty
salisu suleiman umar at 2012-02-2880.87.79.*
I love china and Chinese people wishing them very best in life and development of the counrty
WeiXiong at 2012-02-28175.139.237.*
Ideal to have a comprehensive China-AfPak FTA. Of course security and religious problems have to be overcomed. Cannot expect AfPak to just blindly welcome China with open ams which itself is a reckless unsustainable bahviour. China needs a comprehensive strategy to engage AfPak economically, socially and security wise. Inland ports, sea ports and railroads as China is well aware are important but their design should originate from the viewpoints of AfPaks to China not from China into AfPak and then from AfPak to Europe & Africa. The more challenging the environment is, the more favourable it is to promote viable solutions. Overcoming religious issues is challenging as have been for centuries but not impossible. It is about raising different tones and shifting human minds. For example making hunger felt and then teaching "the know-how" that such situation is not an end, rather the dawn of a new chapter helps (when one strongly believes his or her destiny is in his or her hands thoughts will change). The more the children gets to play modern eletronic games, the more they get wired to the outside world, the more then they tend to acquire technological thoughts to modernise. Influencing a region by supression of knowledge is never sustainable but attracting a legion of fans with good and unceasingly long term new developments with patience is the solution. With this it is then about arousing inquisivity to want to find out and find out, never mind that the answer remains a distant for the time being. Only with inquisitive mind is one prepared to be attached to modern day living and practicality. When a mind understands the vastness of space and the impossibility to contain, people becoming less wanting to curtail growth and development rather the opposite happens depending how the mind-set is sheppard. This is one social project that can run along complementarily with an economic project.

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