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China’s momentous economic development wins international approval

Updated: Dec 28,2017 10:48 AM

For its ongoing and awe-inspiring economic growth, China has received praise from many international institutions and enterprises, Guangming Daily reported on Dec 26.

China saw exponential increases in its economic influence in the world, with annual economic growth of over 7 percent in the past five years, highlighting a contrast with the global economic slowdown. Meanwhile, China rose to crack the list of nations’ contributions to the global economic growth, with its figure surpassing 30 percent.

The Asian Development Bank (ADB), the World Bank, and the International Monetary Fund (IMF) unanimously upgraded China’s economic growth forecast to 6.8 percent. The mind-blowing resilience and momentum demonstrated by China’s economic growth went far beyond expectations, said Alfred Schipke, IMF senior resident representative for China.

Microsoft Greater China Region (GCR) saw a $24.5 billion turnover in the fourth quarter, up 12 percent year-on-year, while the figures for its net yield were $6.6 billion and 16 percent. China, being a market with the most vigor, is a capable driver for global economic growth, said Alain Crozier, chairman and chief executive of Microsoft GCR.

The uniform approval of the state of China’s economic development comes down to the fact that China has stuck to its economic ideologies of opening-up, inclusion and reciprocal partnership, for the purpose of recuperating a balance in economic globalization and promoting free trade and investment facilitation.

Compounded with the Belt and Road Initiative, which offers ample cooperation opportunities for all parties concerned, China has become an active participant in global economic governance reform and founders of multiple institutions propelling the materialization of this momentous conception, which was later included in a resolution of the United Nations.

Time magazine, in a recent article, said that China’s economic development will create more opportunities and make greater contributions to the world.