China's opening up beneficial for all countries: British expert

Updated 2018-03-01 14:39:01 Xinhua

The opening up of China, the world's most rapidly growing market, is potentially beneficial for all countries, said John Ross, Senior Fellow at Chongyang Institute for Financial Studies, Renmin University of China.

John Ross gave an interview to Xinhuanet recently, hailing China's achievements made in the past four decades since the implementation of the reform and opening up policy.

In his view, China's success in reform and opening up is not only a boon to the Chinese people, but also an engine for global growth.

"China has become the main focus of world economic growth and international economic stability, since the onset of the international financial crisis," Ross stated.

"During 2007-2016, up to the latest internationally comparable data, China accounted for an astonishing 44% of world growth measured at current exchange rates," he explained.

In 2017, China's GDP expanded 6.9 percent, picking up for the first time in seven years.

"The IMF projects that in 2022 China will still be accounting for 30% of world growth at current exchange rates," he added.

Although "China creates the world's most successful model of economic development," said Ross, "it never attempts to export its model, and no country can mechanically copy it," he pointed out.

On the contrary, an increasing number of countries have drawn experience from China's economic overhaul with highly successful results, Ross held.

"It is particularly clear in Vietnam, Laos, Cambodia, Ethiopia and India, and is also now beginning to affect countries such as Ecuador and Poland," he gave some examples.

As China emphasizes that it will not close its door to the world, and the door will only become more and more open, Ross believed that this will have a "decisive effect on the world".

He highlighted the importance of China-proposed Belt and Road Initiative, saying that it is of significant weight for regional economic development.

In 2018, China will celebrate the 40th anniversary of the reform and opening up, a policy that has led to China's rise to the world's second largest economy.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 18 2019 03:36:56

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16February 18 2019 03:36:56

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 18 2019 03:36:56

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords