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China expected to fuel world economic growth

Author  :  WEI SIYU and LI YONGJIE     Source  :    Chinese Social Sciences Today     2023-04-14

Scholars at the Boao Forum for Asia Annual Conference 2023, which was convened on March 28–31 in Hainan Province, pinned high hopes on the Chinese economy, saying it will play a more positive role in global recovery and boost Asian economic growth.

Bolstering world economy

With rising national strength in recent years, China is becoming a major country with global clout and a vital force in promoting world peace and development. For example, China has lifted 770 million rural people out of poverty, contributing more than 70% to global poverty reduction. It has not only eradicated the most poverty in the world, but also opened a path of poverty reduction with Chinese characteristics, providing valuable experience for other countries facing the task of poverty reduction.

Liu Feng, director of the Research Center for Free Trade Port with Chinese Characteristics at Hainan Normal University, noted that currently, a global value aiming to cope with common challenges of humanity has gradually gained worldwide recognition. An adamant supporter of true multilateralism, China has provided the uncertain world with the precious resource of “certainty,” Liu said.

Meanwhile, as the second largest economy in the world, the largest trading nation, and a major recipient of foreign direct investment, China has become the main stabilizer and source of power for world economic growth, Liu added.

The International Monetary Fund recently projected that the Chinese economy will contribute a third of global growth in 2023. The boost of future Chinese economic growth to global recovery is mainly reflected in trade, investment and tourism. Judging from the current situation, the country’s growth momentum is also mounting. Mao Yanhua, a professor from Sun Yat-sen University, said that China’s major economic indicators, such as consumption and investment, have showed an upward trend, employment and prices are generally stable, market expectations have notably improved, and the manufacturing PMI remains above the dividing line between expansion and contraction, displaying strong resilience and flexibility amid risks.

Driving Asian growth

With nearly 60% of the world’s total population, Asia accounts for nearly 40% of global economic aggregate and over 30% of international trade. It has been regarded as the cornerstone and propeller of the world economy. In Liu’s opinion, Asia’s brilliant economic performance is first owed to its growth model with manufacturing at the core. Second, an overall growing work-age population is shaping a global manufacturing market and a global consumer market, and will continue to consolidate knock-on effects of growth.

Zheng Yongnian, chairman of the Academic Committee of the Institute of Public Policy at South China University of Technology, pointed out that technological advances used to power growth in Europe, and now Asian countries are also making continuous technological progress. Meanwhile, opening up and integration among Asian countries are spurring free trade and the construction of a common market. These all contribute to Asia’s leading role in world economic development.

Among Asian economies, China’s share in global economic aggregate has continued to grow. Liu said that the share has reached 19% at purchasing power parity, higher than the US’s share of 15%. With the all-around implementation of the Regional Comprehensive Economic Partnership as well as rapid development of the digital and green economy in the future, China is bound to bring stronger, new drivers to Asian growth, Liu predicted.

Editor: Yu Hui

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