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World economy enters deep transformation period

(People's Daily Online)

17:13, December 26, 2012

External shocks have put the Chinese economy under increased downward pressure, but also enhanced its internal momentum. China has maintained stable and healthy economic growth by transforming its economic growth model.

Chinese economy: Main engine for world economic recovery

Reporter: How do you evaluate China's economy in 2012?

Lin Jianhai (secretary-general of the International Monetary Fund): China has not only effectively dealt with the negative impact of the global financial crisis, but also made significant contributions to world economic stability.

Three factors have played a major role in this process.

First, China had adopted prudent policies before the crisis. It was in a much better situation than most other economies, and thus able to cope with the crisis.

Second, China has long been focusing on trade and opening-up, and deferred financial integration to a relatively late stage of reforms. Therefore, its financial system has not been exposed to the toxic assets that have caused serious damage to the financial systems of many developed economies.

Third, Chinese policymakers have reacted quickly and resolutely by launching a massive stimulus package to offset the decline in global demand.

Fu Xiaolan (director of the Technology and Management for Development Center and professor at the Oxford Department of International Development under the University of Oxford): The world economy has grown slowly due to the European debt crisis and U.S. fiscal crisis, and is even facing a double-dip recession.

As the world's second largest economy, China has maintained relatively rapid economic growth, and become the first to recover from the global financial crisis. It has been one of the main engines for world economic recovery and common prosperity. China should grasp the opportunity to seek markets, resources, and technologies in the constantly changing world.

Furthermore, the increase in Chinese demand and supplies as well as its deep interaction with the world economy through trade, investment, cooperation, and assistance has also been a major driving force for world economic recovery.

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Read the Chinese version: 世界经济深度转型调整(透视)

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