Vigorous Chinese economy to contribute big to world growth

Updated 2017-03-03 15:24:25 Xinhua

High hopes are pinned on China to spur world trade and economic growth in the context of rising populism and simmering sentiment against globalization, said analysts.[Special coverage]

CHINA'S STRENGTH AGAINST NEGATIVE CHANGES

"Britain leaving the European Union and Donald Trump becoming the U.S. president signal the rise of populism, anti-globalization, objection of free migration and trade protectionism," said Do Tien Sam, editor in chief of the China Research Journal published by the Institute for Chinese Studies in Vietnam Academy of Social Sciences, in a recent interview.

As an expert who has studied China for a long time, Sam said China's economic development is based on the three pillars of exports, investment and consumption.

"Among the three pillars, consumption plays a great role. Chinese people consume goods and commodities, which creates attraction, confidence for investors, as well as for other developing countries," said the expert.

In spite of difficulties in exports amid rising protectionism, China's "huge spending power" ensures it has a better position to deal with the challenge than others, said Sam.

Sam pointed out that if China can maintain its economic growth at 6.5-7 percent a year, it will be a contribution to the world economy, especially in the context of rising trade protectionism.

China has benefited from globalization, and now China will be the one that continues to boost globalization and shares its achievements with other countries, said the expert.

When talking about the coming meetings of China's National People's Congress and the Chinese People's Political Consultative Conference this month, Sam said they are of great importance in adopting measures to tackle profound changes in the world.

ACTIVE PURSUIT FOR COMMON BENEFIT

Public services proposed by China such as the Belt and Road Initiative and the Asian Infrastructure Investment Bank (AIIB) are being recognized and welcomed by the world, said Chen Fengying, a research fellow at the China Institute of Contemporary International Relations.

"In global governance, China has become an active participant and builder ... China's blueprint is not only for its own development but also that of the world as a whole," said Chen.

China has also been easing the inflow of foreign capital as part of efforts to facilitate its opening-up, reducing restrictive measures and opening more sectors.

China announced in January the modification of the Catalogue of Industries for Guiding Foreign Investment and related regulations to considerably lower the threshold for foreign investment in services, manufacturing and mining sectors.

Addressing a meeting in Beijing on Monday, Chinese Commerce Minister Zhong Shan promised more efforts in briskly introducing foreign investment.

This includes propelling the development of free trade zones, pushing for reforms in foreign investment management, and improving the business environment, said Zhong.

Foreign direct investment on the Chinese mainland rose 4.1 percent year on year last year.

Overseas analysts have credited the Chinese leadership for accurate and coherent policies in the country's development.

Amid changing regional and international situations with numerous challenges, China has managed to gain enormous accomplishments under the leadership of the Communist Party of China (CPC), said Tran Viet Thai, deputy director of the Institute for Foreign Policy and Strategic Studies at the Diplomatic Academy of Vietnam.

"It is a huge effort, bravery and determination," said Thai.

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