China's development brings opportunities to the world: economist

Source: Xinhua| 2018-04-10 17:25:13|Editor: Lu Hui
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BEIJING, April 10 (Xinhua) -- China's fast development in recent decades has offered the world ample opportunities, according to a think tank economist.

China's stable development has been the main driver and stabilizer for world economic growth, said Niu Li, an economist with the State Information Center (SIC), a government think tank.

"China is not only a beneficiary of economic globalization, but is also a contributor," Niu said.

According to data from the World Bank, China contributed over 30 percent of world economic growth from 2013 to 2017, more than the contribution made by the United States, the eurozone countries, and Japan combined.

China's supply-side structural reform, which includes capacity cuts in industries such as steel and coal, have pushed up some commodity prices and improved the supply-demand relationship in the global market, according to Niu.

GDP numbers aside, China's growth has also brought concrete benefits to ordinary people around the world. Niu said U.S. exports to China helped the United States add 910,000 jobs in 2015, citing data from the U.S. Department of Commerce.

According to estimates by the SIC, by importing U.S. goods and services, China helped the United States create 3.31 million jobs in 2016.

On the other hand, Chinese exports, which often have low prices but high quality, helped keep the inflation level of many countries at a relatively low level.

A study by the U.S.-China Business Council showed that U.S. trade with China saved American households up to 850 U.S. dollars on average annually, or about 1.5 percent of the U.S. median household income of 56,500 dollars, in 2015.

China's inclusive growth has also provided experience and funds for the rest of the world in tackling global issues such as poverty, Niu said.

Since the country's reform and opening-up four decades ago, China has lifted about 700 million rural people out of poverty, accounting for more than 70 percent of the world's achievements in poverty reduction.

From 1950 to 2016, China provided foreign countries with over 400 billion yuan (63.42 billion U.S. dollars) in financial aid, and held more than 11,000 training sessions to share its experience.

As China's development has entered a new era, it is creating more opportunities that the world will not want to miss. The Belt and Road Initiative, proposed by China in 2013, is creating jobs and driving growth for countries and regions along the routes, Niu said.

According to China's Ministry of Commerce, in 2017 Chinese enterprises made 14.36 billion dollars in non-financial direct investment in 59 countries along the Belt and Road.

China will continue to open its door wider to the world and create a more attractive investment environment, according to Niu.

China is expected to import goods worth 8 trillion dollars and attract overseas investment of 600 billion dollars in the next five years, while tourists from the country are expected to make 700 million outbound trips.

"That will offer a broader market, more abundant capital and goods, and more valuable cooperation opportunities to the world," Niu said.