International Agriculture News

China’s development offers ‘unprecedented opportunities’ for world

Beijing: Steady growth in China has promoted global economic recovery and trade growth, and provided unprecedented opportunities for other countries, according to the National Bureau of Statistics (NBS).

“In recent years, Chinese economic growth held steady at a medium-high rate to become an indispensable engine and anchor for the world economic recovery and sustainable development,” the NBS said in a statement.
Calculated with exchange rates of respective years, China’s GDP accounted for 14.8 percent of the world economy in 2016, up from 12.5 percent in 2013.

China’s average annual growth was 7.2 percent in 2013-2016 calculated with 2010 U.S. dollar prices, noticeably faster than 2.1 percent for the United States, 1.2 percent for the eurozone, 1.1 percent for Japan and 2.7 percent world growth in the same period. “China’s growth provided a strong engine for world economic growth and contributed more than 30 percent on average to world growth during the period,” the NBS said.

The country’s economy was also less volatile than its counterparts.

In 2013-2016, the Chinese economy fluctuated within a range of just 1.1 percentage points, much smaller than the ranges for the above-mentioned countries and regions. “As the world’s second largest economy, China played a crucial role in lowering the risks from world economic volatility with its stable growth,” the NBS said.

If China’s positive influences were excluded, the world’s annual growth would slow by 0.6 percentage points and the fluctuation range might increase by 5.2 percent, the bureau said. In 2017, China’s economy expanded 6.9 percent, picking up for the first time in seven years and well above the government annual target of around 6.5 percent.

As the World Bank estimated world 2017 growth at about 3 percent, China’s economy represents some 15.3 percent in global economy and contributes to about 34 percent to world growth, NBS said. At the same time, China is a “pivotal force behind world consumption growth,” with around one-fifth of the world’s population, it added.

In 2013-2016, China’s final consumption contributed an average of 23.4 percent to world consumption growth, calculated with constant dollar prices, higher than 23 percent from the United States, 7.9 percent from the eurozone and 2.1 percent from Japan.

Chinese consumption expanded by an annual rate of 7.5 percent in the period, faster than 2.4 percent for the world.
In recent years, China’s import demand also rose at a fast pace and contributed significantly to international trade growth and promoted the rebalance of world economy. The World Bank data showed that the value of goods and services China imported accounted for 9.7 percent of the global total in 2016, up from 8.4 percent in 2011, as the country moved to increase imports from other countries.

“China’s development has not only brought benefits to Chinese citizens, but also provided development opportunities to all other countries,” the bureau said.

The China-proposed Belt and Road Initiative has won extensive support from countries involved, and many developing countries gained from it through extensive consultation, joint contribution and shared benefits.—Xinhua