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China's steady economic growth huge contribution to world

(People's Daily Online)

16:01, June 20, 2012

While the growths of major economies are generally slowing down, China has successfully managed a steady economic growth. It is a great contribution to the global economy, and will accelerate the global economic recovery and transmit confidence to various countries of the world.

The global economic recovery will not be realized without China

The global economic recovery is slow and “stabilizing the growth” has turned into a hard problem.

The deputy director of the Financial and Economic Committee under the National People's Congress He Keng believes that the reason behind them is that the world still has not found new economic growth points. Both the United States and Europe are looking for them but so far have not found any. Therefore, the global economic recovery will not be realized soon. In addition, many countries have realized that they must highly regard the real economy, reduce the import and increase the export. The course of using domestic-made products to replace products originally imported from developing countries will take a long time, and therefore the global economic recovery will not be realized in a short period.

As an important part of the world economy, China’s economic growth continues to slow down under the impact of the financial crisis. However, in the first quarter of this year, China’s GDP grew 8.1 percent and the proportion of current account surplus in GDP has dropped to 1.4 percent, which has made important contributions to the recovery and growth of the world economy.

“China is the second largest economy in the world and its economic downturn, if severe, can affect the import and further significantly influence the external world, especially the economic recovery of European and American countries,” said Xu Hongcai, deputy director of the Information Department under the China Center for International Economic Exchanges.

Xu said that the GDP growth of China contributed to 50 percent of that of the whole world in the global response to the financial crisis in 2009, which indicates that China has become an engine of the world economy.

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