The saying that as China sneezes, the world catches a cold is no longer a joke in the eyes of many people.

The International Monetary Fund (IMF) said in a recent report that emerging markets such as China pose a growing risk to advanced economies, as their economic situations largely determine the latter countries’ financial markets. As China's financial influence grows, its impact on the world economy will also continue to increase in coming years.

On the one hand, when the dollar enters an appreciation cycle, it promotes the tightening of global liquidity and can lead to the reversal of global capital flow and raised risk premiums, which puts pressure on China's foreign exchange reserves. On the other hand, the huge flow of goods, capital and personnel between China and abroad determines the country's economic policies and financial stability, which both have serious effects on the rest of the world.

Although China has become the world's second largest economy, the direct impact of China on foreign financial markets is likely to continue to grow as its markets open up more, noted the Deputy Dean of the School of Finance at Renmin University.

Li Daxiao, Chief Economist of Yingda Securities, said that responsibility and status go hand in hand. In 1997, China pledged not to devalue its currency during the Asian financial crisis. In 2008, China contributed to stabilizing the global economy during the global financial crisis. Now China has contributed 30% to growth of global economy.

The international community cannot help but pay greater attention to China's impact nowadays, and China in turn must take more responsibility for global economic stability.