|(Photo/People's Daily Overseas Edition)|
Recently, many international media have once again been talking down China's economy; some even take the view that the decline of China's economic growth will impact the global economic recovery. However, such irresponsible comments are untenable in the face of the facts. China is still the leading power in global economic growth. The future global economy will continue to benefit from new development opportunities brought by China's economic reforms.
Christine Lagarde, head of International Monetary Fund (IMF), has confirmed that China's target growth rate of 7.5% this year is in line with the figure predicted by the IMF, and that China would obviously continue making a significant contribution to global economic growth.
Chinese market fuels global economy
"Despite the unprecedented difficulties and challenges China is currently encountering, the country is still one of the most important global economic drivers," says Zhang Monan, Associate Researcher at China International Economic and Exchange Center. "China plays an important role in fueling the global economy."
From 2000 to 2013, China's cumulative imports amounted to about 13 trillion dollars, creating hundreds of millions of jobs in other countries around the world.
China should not be blamed for the slowdown of the global economy
"Although China has lowered its economic growth target this year to 7.5 %, obviously it will still make an important contribution to the global economy," says Lagarde. "China is now a middle-income country with a relatively stable population. A fall in the growth rate from double-digits to 8%, 7 % or even 6% should be treated as normal."
Nicholas Borst, China Program Manager at the Peterson Institute for International Economics, observes that the world should welcome the fact that China's economic growth is slowing down to a sustainable level. A solid Chinese economy will make a greater contribution to global economic growth.
"The world should welcome a slowdown in China's economic growth to reach a sustainable level," says Steven Barnett, Division Chief in the Asia and Pacific Department of the International Monetary Fund (IMF).
The world shares in China's reform bonus
China can hardly be expected to maintain a growth rate in excess of 10%, as in recent decades. The country's economy has entered a new phase and a period of comprehensive transformation. With China's new round of comprehensive deepening reform, the dividends will benefit not only China's economic long term development, but will also promote growth in the global economy.
Currently the global economy has entered a post-crisis period, where profound adjustments and changes have become the main themes of economic development. The international community also expects steady economic growth in China.
"The huge Chinese market will be a new driver in leading Chinese and international economic growth," says Zhang Monan. In the future, with growing per capita income, the upgrading of the consumption structure and industrial structure, and changes in the production model, China will generate increasing demand in the global market, particularly in capital equipment and business services in developed markets.
The article is edited and translated from《中国仍是全球增长巨大正能量》, source: People's Daily Overseas Edition, author: Zhou Xiaoyuan