Podcast: China's growth story and the world economy

China grows, and the world prospers. (Photo/China Daily)

People's Daily Online Business Podcast by Li Zhenyu
For the past few decades, China's marvelous economic growth, faster than any large economy in human history, has dazzled the world.

But today, in a time of global recession, the country is facing a challenging economic test.

The world's biggest growth story has slowed in nine of the past 10 quarters. The Chinese government has said it will tolerate slower growth to push reform.

China's top economic planner has expressed confidence in keeping steady growth of the world's second largest economy in the latter half of this year, despite the highly complicated domestic and international conditions.

But, the question here is, why does a foreigner bother to spare some time out of his hectic schedule for a look at the Chinese economy?

Andy Serwer, managing editor of Fortune magazine told me the reasons.

"Because the China economic story is so important to the global economy. You know, it just makes sense," said Serwer.

"The economic development of China is one of the biggest stories in the world and in our life time. And you don't have to be Chinese to think that. You can be American to think that."

Thomas Byrne is an American. He is also the senior vice president at Moody's, one of the world's Big Three credit rating agencies.

Everyday, no matter how busy he is, he always spares some time to read the Chinese business news.

"I find it very fascinating to come to China to learn more about how China's economy is developing. I think it's one of the most fascinating stories in the world these days."

Byrne's view is echoed by John Wilson, lead economist at the World Bank who has spent a considerable amount of time in China, doing work on trade issues.

"That's probably one of the most compelling aspects of China today," Wilson told me. "It's a country that has moved rapidly up the development scale. It's clearly a very important part of global economic growth and prospects for global prosperity."

China grows, and the world prospers. So for a regular business news consumer like you, next time you open your browser, you know what publications you need to add to your must-read list.

• Podcast: Is China's economic data skeptical?
• Podcast: Is there a crisis looming for China's economy?
• Podcast: WB lead economist on China's growth potential

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