China’s economic development is making huge contribution to world
By Li Haoran
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.
Source: People’s Daily
China’s economic development is making huge contribution to world
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