China's reforms influence world: experts

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BEIJING, Nov. 13 -- The 18th Central Committee of the Communist Party of China (CPC) unveiled here Tuesday an outline for comprehensively deepening reform, which foreign media and experts believe will have far-reaching influence on the world.

"China must build on the reality that it remains in the primary stage of socialism and will long remain so while pursuing comprehensive, deeper reform," according to a communique issued after the Third Plenary Session of the 18th CPC Central Committee, held from Nov. 9 to Nov. 12.

NEW REFORMS, NEW OPPORTUNITIES

China, the world's second largest economy, had committed to deepening reforms to achieve a sustainable development, which would influence the global economy, many experts said.

"China is an engine of global economy. China's export orders and import orders affect development of various sectors in many countries," Deputy Head of the Russian Academy of Sciences Far East Institute Andrei Ostrovsky told Xinhua in an interview.

He said China's deepening of fiscal reform would play a significant role in promoting China's economic growth and boosting the global economy.

"The growth of China's gross domestic product (GDP) will help expand China's imports and exports, which will dramatically promote the economic growth of many countries, such as the U.S., the European Union countries, India, Brazil and Russia," Ostrovsky said.

China's GDP climbed 7.8 percent in the third quarter compared to a year ago, well above the full-year target of 7.5 percent, according to data released by China's National Bureau of Statistics.

When China's economy grows at a rate of 7.5 percent for the whole year, the contribution of China's economic growth to the global economic growth is 27.76 percent, International Monetary Fund (IMF) statistics show.

The third plenum was not only important for China, but also for the global economy, the director of research and senior fellow at the John L. Thornton China Center of the Brookings Institution Li Cheng told Xinhua.

"The third plenum will give China's middle class more opportunities to invest their resources in small businesses and the service sector, really making the private sector one of the driving forces of China's economic development," Li said.

He said, as the middle class would play an important role in investment and consumption, this could really put China in very good shape in today's global economic landscape.

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• Third Plenary Session

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