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China makes highest contribution to global economy

Updated: Oct 25,2017 4:10 PM

China stands out with its unrivaled economic growth speed against the backdrop of a worldwide recovery.

China saw a year-on-year 6.9-percent GDP growth in the last three quarters. Aside from a soaring economy, its international influence has been rising substantially.

As the International Monetary Fund (IMF) and the World Bank estimated, China’s average contribution rate to the global economy from 2013 to 2016 reached 31.6 percent, topping the world while outpacing the total contribution rates of the US, the Eurozone, and Japan combined.

China’s contributions have no equal worldwide in terms of percentage, said Maurice Obstfeld, chief economist at the International Monetary Fund. “Any good news from China will extend to the world.”

According to statistics presented by the World Trade Organization (WTO), China’s value of import goods accounted for 10.9 percent of the world from January to August, up 0.7 percentage points year-on-year.

In addition, $9.6 billion was invested in 57 nations along the Belt and Road, taking up 12.3 percent of the total during the same period, up 4 percentage points year-on-year, said the director of the Department of Cooperation at China’s Ministry of Commerce.

“China has been persistently a stickler for economic globalization and a driver for The Belt and Road Initiative, and we are making significant contributions to the global economy by opposing trade protectionism,” said Yao Jingyuan, a contract research fellow at the Councilor’s Office of the State Council.

It’s worth noting that China’s economy has stepped into the phase of high-quality development, with consumption rising to become the primary driving force for economic development, from 2014 to 2016. Additionally, its consumption structure is being optimized and upgraded simultaneously, featuring a continuing increase in the proportion of service consumption.

“China’s upgraded consumption structure can not only benefit its own economic development, but also help steer away from a global financial crisis by virtue of its enormous economic impact on the rest of the world. Additionally, demands are already the determining factor for economic growth,” said Su Jian, deputy executive director at the Institute of Economics of Peking University.