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China contributes more to global economy: report

(People's Daily Online)    17:25, July 09, 2019

A report by global management consulting firm McKinsey indicated that China has become the world’s largest trader of goods, and the world has a rising degree of dependency on the Chinese economy.

The report, titled “China and the world: Inside the dynamics of a changing relationship”, said the world’s exposure to China has risen.

The world’s exposure to China rose from 0.4 in 2000 to 1.2 in 2017, said the report. This increasing exposure to China reflects China’s increasing importance as a market, supplier, and provider of capital.

China accounts for 35 percent of global manufacturing output, and it was the source of 31 percent of global household consumption growth from 2010 to 2017, according to World Bank data.

McKinsey’s 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies.

China’s increasing flow of people—particularly students and tourists—represent an expanding business opportunity for businesses in destination countries, the survey indicated.

According to consensus forecasts, growth in Chinese consumption in the period to 2030 is likely to be about $6 trillion, comparable with that of the United States and Western Europe combined. The world would also benefit from China as China buys more.

China could increase its contribution to solving global challenges, the report said. The country is already increasing its commitment to (and financing of) international institutions and its support of new ones by representing emerging economies, such as the Asian Infrastructure Investment Bank and the New Development Bank.

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