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China seen to lead global recovery


16:31, November 15, 2012

As the 18th CPC National Congress is in full swing, international media are putting much of their attention on the financial delegates participating in this crucial event, with a special focus on China's growth outlook.

As the world's most populous country and the world's second largest economy, delegates say China's emergence as a strong economic power will have a great impact on the global economy.

"China's economic status has surpassed the UK, France, Germany and Japan to be the second place in the global economy. And China has contributed 20 percent to the total amount of global GDP growth," Delegate Cai Fang said.

Latest data shows the country's economy is gaining new momentum. China's industrial production for October grew 9.6 percent year-on-year, the second consecutive month of rebound.

The 18th CPC National Congress has also set new targets for China's economic growth. The country now aims to double its 2010 gross domestic product and per capita income by 2020.

"I think that we need to focus more on the transformation of the economic development pattern, which should be more balanced and sustainable to achieve a strong growth rate in China," Cai said.

"I think China's sustainable development needs to rely on the global market. That is to say, both China and the world economy need to rely on each other," Delegate Chen Feng said.

Still, delegates say China's stable economic growth is badly needed in times of crisis and a lack of growth in debt-laden economies.

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