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China’s restructuring to give more impetus to world economy: FM

Updated: Feb 25,2016 10:16 AM     Xinhua

A Chinese Foreign Ministry spokesperson on Feb 24 said China’s economy has entered a new stage of structural adjustment, which will bring more impetus to the world economy.

Spokesperson Hua Chunying made the remarks when responding to a recent report released by the European Chamber of Commerce in China. The report said China’s heavy industry overcapacity had caused “far-reaching damage” to the global economy.

“Some opinions [in the report] need further discussion,” Hua told a daily news briefing.

There is overcapacity in some industries, Hua acknowledged, but it is just a phenomena of structural readjustment.

Last year, China’s GDP growth accounted for 14 percent of global GDP growth, and it also contributed 25 percent of the world’s year-on-year economy growth. “I cannot understand why the report mentioned this far-reaching damage,” Hua said.

In the principle of consultation, co-construction and sharing, China is communicating with countries on industrial capacity cooperation and the Belt and Road Initiative, Hua said.

She said industrial capacity cooperation can help integrate the industrial chain and identify economic development potential, so some developed countries, including some in the European Union, are participating with China and other developing countries.

Hua said she was convinced that the parties concerned could combine the advantages of China’s manufacturing industry, developed countries’ technological acumen and developing countries’ need to contribute more to the world economy.

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