China brings stability, inspires confidence amid global uncertainties

Updated 2017-07-01 15:26:48 Xinhua

With its steady and strong economic growth and continued commitment to globalization, China remains a strong engine for the global economy, serving as a stabilizing factor and source of confidence in a world full of uncertainties.

Its new ideas and initiatives are also helping improve the world order amid uncertainties created by global economic sluggishness, a surge in populism and protectionism in Western countries, the Brexit process, terrorism and geopolitical black swans, among others.

BIGGEST CONTRIBUTOR AND POWERHOUSE OF WORLD ECONOMY

Maintaining a gross domestic product (GDP) increase between 6.7 percent and 7.2 percent for 11 quarters, in the first quarter of 2017, China recorded a more-than-expected 6.9 percent year-on-year rise, prompting the International Monetary Fund and other financial institutions to revise up its economic outlook.

In 2016, China's economy grew by 6.7 percent, contributing more than 30 percent to the global GDP total.

"China's growth is an incredible contribution to the global economy," said Klaus Schwab, executive chairman and founder of the World Economic Forum, in Dalian of northeast China during the Annual Meeting of the New Champions, known also as Summer Davos, since 2007.

What's more, China is making the contributions needed to put the sluggish global economy back on track, thanks to its huge domestic market, with demands boosted by reforms in an economic shift to consumption and the service industry.

"More importantly though is that it showed that rebalancing is continuing, with most of the growth coming through consumption, and that is exactly what we wanted to see," leading Australian economist James Laurenceson said, citing the "positive impact" that "more Australian goods and more Australian services go to China than any other country."

Customs statistics show a fall of 35.7 percent in China's trade surplus in the first quarter, with imports worth 423 billion U.S. dollars, or an increase of 31.1 percent from the same period last year.

"Globally, trade has been suffering and slowing down. China is the world's largest trading nation, it is the world's second-largest economy, and is growing at one of the fastest rates in the world," Laurenceson said."So whenever you have such a significant economy experiencing robust trade growth, that's excellent for the global economy too."

With expected long-term growth for a more stable and sustainable economy enabled by innovation and reforms, China will generate more opportunities for other countries and remain a top investment destination, according to Chinese Premier Li Keqiang during the 2017 Summer Davos.

IMF chief economist Maurice Obstfeld said, "With those reforms, we are confident in China maintaining stability down the road."

Notably, China's growing outward investment also serves as a driver of the world economy. From January to November in 2016 alone, investment totaled some 157.8 billion dollars, up 55.3 percent from a year earlier.

CHINESE SOLUTIONS TO PUSH GLOBALIZATION

With renewed pledges, China has reasserted its commitment to promoting free and fair multilateral trade and globalization.

At home, China will continue its opening-up. Fresh efforts to improve the business environment for foreign enterprises include increased access to the service and manufacturing sectors, relaxed restrictions on foreign ownership and policy support, according to Li.

"All companies registered in China will be eligible to enjoy the same supportive policies that China offers in accordance with WTO (World Trade Organization) rules to push forward the 'Made in China 2025' strategy and promote technological innovation," the Chinese premier told the Summer Davos held on June 27-29.

In the next five years, China will import goods worth 8 trillion dollars, he added.

Internationally, China has inspired the United Nations and countries with its wisdom and solutions which highlight common development, inclusive growth, mutual benefit and win-win cooperation, injecting new vigor into globalization.

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