China Continues Playing Its Role in Global Growth

Date: 2016/10/13 14:35:48 Views：

Despite adjusting its structure, it is still a driver for the world

China's economic growth has slowed in recent years, but its contribution to the world economy remains significantly more than that of other countries', which signifies the vital role it has played in maintaining global economic vitality, say analysts.

China's GDP growth was 6.9 percent in 2015, the slowest in 25 years. In the first half of 2016, it registered an even lower GDP growth of 6.7 percent, and the International Monetary Fund forecast in July that China's GDP growth this year could be 6.6 percent, triggering concerns that the country might be caught in the low-rate growth trap for some time.

Relative to other countries, especially the developed ones, however, China's growth is quite impressive and it has continued to make a significant contribution to global growth. In the 1980s and early 1990s, emerging market economies started playing a larger role in global growth, contributing about 25 percent to world economic growth. From the late 1990s until now, emerging-market economies have contributed about 70 percent to global economic growth, with China's contribution estimated at about 30 percent, says Wang Guangqian, president of the Central University of Finance and Economics.

Although China's economic growth rate has slowed, given its fast expansion of overall scale, the Chinese economy's contribution to global growth has become even more significant

On the domestic front, China has been unswervingly pushing forward economic restructuring to rebalance its economy and make its growth more sustainable. 

(Source: China Daily)