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China is still the main engine of world economy

(People's Daily Online)    09:58, January 05, 2015

China is facing slower economic growth, but it will continue to be a main engine of the world economy. According to the “World Economy Analysis and Forecast (2015)" issued by the Chinese Academy of Social Sciences, the U.S. and China will be two largest engines and the biggest contributors to the world economy.

Through its rapid development, China serves as a major market for its trade partners. China imported an average of 750 billion US dollars in goods and created an average of 14 million jobs annually for its trade partners between 2001 to 2011, said Ding Yifan, deputy head of World Development Research Institute of Development Research Center of China’s State Council. More recently China’s overseas investment has been growing, providing a boost to world economic development.

The international economy is beginning to stabilize. According to the report, the US economy is in recovery; the economy in the Euro zone remains sluggish; Japanese economic growth is below market expectation; the economies of Brazil and Russia are on the slide; China is facing slower economic growth but is still maintaining a relatively high rate. The report also predicts that in 2015, global trade will increase by 3.5% to 4%; the US dollar will be strong but the Euro and the yen will be weak; emerging economies will become the main driving forces of the world economy.

The report also points out that there is a little chance of a significant international economic rebound in 2015. China has huge potential for development though its economy is facing challenges and difficulties. The U.S. and European countries are becoming increasingly dependent on China’s huge market.

This article was edited and translated from 《中国仍将为全球经济“第一推手”》, source: People's Daily Overseas Edition, Author: Luo Lan

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:张媛,Bianji)

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