China’s economy, with its outstanding performance in a wide spectrum of fields, highlighting e-commerce, sharing economy, and artificial intelligence, has risen to become a mainstay of the global economic recovery, Economic Daily reported on Jan 17.
China’s momentous economic driver
Referring to a rise in China’s economic growth forecast unanimously agreed on by multiple international institutions including the World Bank, Stephen Roach, an economist at Yale University, said that China’s economy bolsters the global economy to a great degree, even if its growth has slowed down.
Over the past five years, China’s average annual contribution rate to global economic growth surpassed 30 percent, higher than any other country. Meanwhile, China’s thriving innovation not only helps other emerging economies with their development, but also facilitates the upgrading of the global industrial chain.
Additionally, China’s soaring domestic consumption also supports global economic growth, as the tremendous potential in its market appeals to the whole world. According to a report released by Nielsen, China’s index of consumer confidence rose to 114 points, highest since 2013.
China’s unswerving insistence on free trade
China has always been a stickler for opening-up and free trade, and construction of the Belt and Road Initiative is conducive to the economic development of nations concerned. According to Financial Times, this unprecedentedly enormous project heralds a closely connected world.
In addition, strategic investments in the real economy and emerging industries, compounded with active international trade and business collaborations, significantly beefs up the development of the global business and trade.
China’s faith in cooperation
China firmly believes that cooperation is the best approach to optimizing and advancing economic globalization, through which all countries can enjoy a beneficial environment for their development, and subsequently safeguard and facilitate global economic governance.
Being an advocate and co-founder of the Asian Infrastructure Investment Bank, New Development Bank, and the Silk Road Fund, China has been persistently underpinning an open global economy.