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China’s economic development is making huge contribution to world

By Li Haoran (People's Daily)    10:06, May 31, 2019

The combined forces of Chinese manufacturing, Chinese innovation, and Chinese construction are continuing to change the face of the country, and the resilient and expanding Chinese economy is also making huge contribution to the world. 

According to WTO statistics, China accounted for 12.8 percent and 10.8 percent of global export and import respectively in 2018, serving as a stabilizer of global trade. It indicated a simple fact that China, independent from the rest of the world, cannot achieve its development and vice versa.

The 125th session of China Import and Export Fair which was concluded not long ago and generated a total export turnover of 199.5 billion yuan ($29.6 billion) was a proof to China’s growing momentum and dynamics of foreign trade. The event was attended by buyers from over 200 countries and regions who showed great interest in high-tech, high-quality and high-added value exhibits.

Managing Director and Chairman of the International Monetary Fund Christine Lagarde once noted that the world needs China, and global economic growth cannot be achieved without China’s sustained development.

To observe Chinese development and understand Chinese economy, one should focus on China’s achievement and contribution to the world as well.

The country’s development since the reform and opening up was hailed as the most inspiring thing of this era by some foreign observers.

What China has contributed to the world is its driving force for global economic growth, and its efforts made to promote sustainable development of the world economy.

Chinese economy has maintained stable and rapid growth since the reform and opening up, with its share of the global economy increasing year by year, creating a shining miracle.

China’s growth has contributed more than 30 percent annually to world growth since the outbreak of the financial crisis. Last year, China’s GDP secured a 6.6-percent growth and hit the $90 trillion yuan mark for the first time.

Thanks to the sound performance in the first four months of this year, the country got off to a great start and maintained strong momentum for growth. Major economic indicators of the country exceeded expectation, which has boosted global confidence in economic recovery.

It’s a globally recognized fact that Chinese economy has become a stabilizing factor for world economic development.

China is contributing to the world by opening its market and enabling the people from global countries to board the express train of its development.

China’s efforts to expand its openness in recent years are obvious. At the second Belt and Road Forum for International Cooperation, the country once again announced five pledges to deepen reform and opening up, and signed cooperation deals worth $64 billion with global business and industry leaders, expanding the cake of win-win cooperation.

China is the world’s second largest economy, the largest trader of goods and the largest holder of foreign exchange reserves. It has the world’s largest group of middle income earners and enjoys huge potential in consumption market.

The country is both a world factory that produces full variety of commodities, and a super large world market. Its imported goods and services are estimated to exceed $30 trillion and $10 trillion, respectively, in the next 15 years.

China, comprehensively open to the world, is releasing infinite development dividend. It is creating huge opportunities while making substantial contribution to the world.

China’s contribution to the world also lies in its promotion of economic globalization and efforts to improve global economic governance.

When economic globalization is facing severe challenges, China, upholding the value of peace and harmony, is always advocating win-win cooperation and common development. It has injected ceaseless energy and dynamics to the integration of world economy.

The Belt and Road Initiative proposed by the country conforms to the historical trend of economic globalization and meets the demand to reform the global governance system. It has created new space for global economic growth, established a new platform for international trade and investment, and made new practices to improve global economic governance.

The synergetic development between China and other countries is making global economy more balanced. China firmly supports the multilateral trading system and promotes trade liberalization and investment facilitation. The country is committed to becoming a constructor of the global economic governance system, and will work to offer Chinese wisdom and power to resolve the deficits in global governance, trust, peace and development.

China is a major developing country with a population of nearly 1.4 billion. The country can make contribution to the world as long as it handles well its own affairs.

Chinese economy has the resilience to maintain stable growth and is able to withstand any test. It is destined to inject new impetus to the stability and health of world economy, and sustainable development as well. 

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

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