China’s contribution to global economy hailed

2017-01-16
China Daily

In the past five years, China’s economy has maintained vigorous growth, playing an active and constructive role in the world.

From 2011 to 2015, China’s economic growth has contributed over 25 percent to the global economy. China became the most important engine of the world economic growth, providing a main driving force for global economic recovery.

“A few numbers bear this out. If Chinese GDP growth reaches 6.7 percent in 2016 —in line with the government’s official target and only slightly above the International Monetary Fund’s latest prediction (6.6 percent) —China would account for 1.2 percentage points of world GDP growth. With the IMF currently expecting only 3.1 percent global growth this year, China would contribute nearly 39 percent of the total,” Stephen S Roach, former chairman of Morgan Stanley Asia and the firm’s chief economist, wrote for Project Syndicate.

“That share dwarfs the contribution of other major economies. For example, while the United States is widely praised for a solid recovery, its GDP is expected to grow by just 2.2 percent in 2016 — enough to contribute just 0.3 percentage points to overall world GDP growth, or only about a quarter of the contribution made by China.” he added.