China has become a major driver of global economy: Australian expert

Dr. Hans Hendrischke, professor at the University of Sydney

SYDNEY, Oct. 23 (People’s Daily Online) --On 18 October, 2017, the 19th National Congress of the Communist Party of China, which attracted worldwide attention, opened in Beijing.

Dr. Hans Hendrischke, a professor at the University of Sydney, Australia, said in an interview with People’s Daily Online that China has become one of the main drivers of global economic development in the areas of trade, investment, and finance. Chinese youth have reason to be proud, he added.

Belt and Road Initiative creates hope for regional economies around China

Dr. Hendrischke said that the success of the Belt and Road Initiative creates a sense of confidence and hope for regional economies around China to integrate into larger markets. They will also be able to share the benefits of technological development and economic growth in a manner that would not be possible if they were operating as individual economies.

Dr. Hendrischke used the energy infrastructure network between China and Central Asia as an example.

“On one hand, this is proof that China is able to project its capital and technology into new regions; on the other hand, this is a demonstration that new markets are emerging that will benefit other partner countries as well,” he said.

The stable and long-term development of our global economy cannot be separated from China

Since joining the WTO in 2001, China has been firmly committed to reforming and opening up, even in the face of rising global protectionism.

“In 2001, China needed the WTO in order to open up its domestic economy,” Dr. Hendrischke said. Furthermore, he believes that China’s economy is currently one of the major drivers of the global economy through trade, investment, and finance. Therefore, the sustainability of China’s economic growth is critical to the long-term stability of the global economy.

China occupies global leadership in many fields

In May 2017, youths from 20 countries participating in the Belt and Road Initiative voted for the “new four great inventions”: high speed railways, electronic payments, shared bicycles, and online shopping.

Dr. Hendrischke states that China’s young generation has reason to be proud when they see new products coming out of China.

However, these new creations are “only the tip of the iceberg.”

China is implementing the “Made in China 2025” strategy, which will lead to upgraded manufacturing. Dr. Hendrischke believes that the use of big data and artificial intelligence will allow China to rapidly occupy the leading position in information technology and financial services.

Most importantly, Dr. Hendrischke states that China is an increasingly important part of the global economy and of global social change, and he expects China to keep taking on global responsibilities.