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Commentary: Bearish on China isn't the international mainstream

By Zhongsheng (People's Daily Online)    13:50, February 03, 2016
Commentary: Bearish on China isn't the international mainstream

Embedded in such a complex international situation and facing the arduous task of domestic development, China managed a 6.9 percent growth rate in 2015; Chinese tourists spent over a trillion yuan in overseas markets; Chinese investors invested 735 billion yuan abroad. Compared with the global economic environment, China’s achievements really are worthy of praise.

According to statistics, China’s contribution makes up over 25 percent of the global economy growth. Ranked the second largest economy, every 1 percent of growth for China today is equal to 1.5 percent of growth five years ago and 2.6 percent of growth 10 years ago. China’s economic restructuring is also making headway: of China’s 2015 GDP, tertiary industries made up 50.5 percent - 10 percent higher than the secondary sector - and contributed to over 60 percent of GDP growth.

Jim O'Neill, the British economist best known for coining ‘BRIC’, thinks that China is definitely on the right track based on its GDP. China’s economic growth figure should be considered under the bigger international picture. To realize the same size of economic growth, the U.K. would need an annual growth rate of 22.5 percent, and India a rate of 34.5 percent to keep up.

Former Morgan Stanley Asia Chairman and senior fellow at Yale University, Stephen Roach, says the “crash-landing scenario” for the Chinese economy is misplaced, “I think those fears are vastly overblown.”

Sam Walsh, CEO of Rio Tinto , thinks highly of China’s urbanization, looking forward to the high quality economic growth after the transition. Apple CEO Tim Cook states that he still sees strong growth in China.

Structural adjustment is a big task that many countries are facing. China has steadily improved and achieved positive results in comprehensively deepening reforms, and heading towards a more prosperous and stable social environment. Many people around the world have highlighted China’s ability and achievements in its adjustment, like American scholar Francis Fukuyama who recently voiced this opinion. It could now be said that this way of thinking actually represents the mainstream of international society: China’s development has brought the world so many opportunities, it is unreasonable to ignore its contribution.

This article is edited and translated from 《看好中国,这才是国际主流》,source: People's Daily

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Xinyu,Wu Chengliang)

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