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China’s economic growth benefits neighbors

Updated: Oct 28,2016 2:41 PM Daily

China’s economic growth has brought positive spillover effects to neighboring countries, based on economic upgrades and sustainable development, said Angel Gurria, secretary general of the Organization for Economic Cooperation and Development (OECD).

“We are glad to see closer ties between China and other countries along the ‘Belt and Road’, such as Indonesia, which will bring mutual benefits for both sides,” Gurria said.

He said China is seen as one of the key partners of OECD, due to its remarkable performance amid the sluggish world economy.

In fact, positive effects of China’s economic growth had been predicted by mainstream global institutions. Asian Development Bank’s deputy chief economist Zhuang Juzhong pointed out that China’s 6.7-percent growth rate is beyond expectations.

“The Chinese government focuses on sustainable development supported by measures of income increase and urbanization, which has given full play to the driving role of consumption and raised our expectations for economic growth in the East Asian region,” Zhuang said.

China is experiencing structural reform and stepping toward a high-end market to offset the adverse effects brought by weakened export markets of developed countries.

That has created room for developing countries in the same region to develop their labor intensive industry, and also lifted the region’s technological level among the international community, Zhuang said.

New engines are driving China’s economy, said an employee at Indonesia’s trade ministry. “Hangzhou-based Alibaba built an e-commerce platform in our country, and we hope our coffee can take a stride toward entering the Chinese market through the platform.”