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People's Daily Online>>Opinion

China contributes more to global economic recovery than US

By Zhou Xiaoyuan (People's Daily Overseas Edition)

07:55, March 26, 2012

Edited and translated by People's Daily Online

The U.S. and European debt crisis is still spreading, and the global economic recovery remains sluggish. While the United States and European countries are stuck in a financial quagmire, the Chinese economy is growing steadily, and has become a stabilizer for the world economy.

"The global economic situation might have been even more calamitous had it not been for the impetus that China provided to growth and stability," said Christine Lagarde, managing director of the International Monetary Fund (IMF).

China's important role in saving world out of two crises

After the global financial crisis, China quickly unveiled a 4 trillion yuan stimulus package to ensure stable economic recovery, and had an impressive average annual growth rate of more than 9 percent over the past three years. The country has boosted global demand and confidence through its rapid growth, and become the main engine for the recovery of other economies.

Lagarde said that China has created 370 million jobs and lifted half a billion people out of poverty in merely three decades. When the global crisis hit, China was the first among G-20 countries to introduce economic stimulus measures. China's leadership role in global institutions has mirrored its economic successes.

China's imports boost global economic growth

As it increasingly participates in the global economy, China now plays an important role in promoting stable world economic growth.

Although China has made great contributions to world economic recovery, certain Western politicians have continued to blame China for global trade imbalances. It is because they fail to see the fact that China, while being a major exporter, is also a major importer, Chinese Commerce Minister Chen Deming said in a statement.

"China will become the world's largest importer in the foreseeable future," Chen said. Without a balanced trade, the country would have performed much worse in dealing with the global financial crisis.

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