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"China engine" expected to roar ahead amid global economic woes


15:19, March 04, 2012

BEIJING, March 4 (Xinhua) -- As the second largest economy of the world, China has been viewed as a major engine for global economic growth. Confronted with widespread economic hardships, the world hopes China to continue to play a key role in boosting global economy.


A recent meeting of Group of 20 finance ministers and central bankers noted that the world economy had showed signs of moderate recovery, but faced considerable downward risks, given continued turbulence in the international financial markets, rising oil prices and high unemployment in many countries.

According to an interim economic report published in mid-February by the European Commission, the economic output of the 17-member euro zone is forecasted to shrink 0.3 percent in 2012 and the contraction for debt-laden Greece is put at a staggering 4.3 percent.

On the other side of the Atlantic, statistics showed that the U.S. economy is still overshadowed by many factors including mounting debts, a weak property market and investment slowdown.

In strong contrast, emerging economies such as China have staged impressive economic performances in recent years, becoming important "stabilizers" in global finance and more significant players in promoting readjustments to the world economic landscape.

Against the backdrop of weakening external demand and ongoing economic structural reform, China registered an economic growth rate of 9.2 percent in 2011.

The country's leading think tank, the Chinese Academy of Social Sciences, said the Chinese economy is expected to grow 8.9 percent in 2012 unless there is significant deterioration in the international political and economic situation, massive natural disasters or other major disturbances.

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