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China Daily Global / 2022-10 / 27 / Page001

China key in driving global recovery

By OUYANG SHIJIA | China Daily Global | Updated: 2022-10-27 00:00

China's contribution to world economic growth has exceeded that made by G7 countries during the past decade, showcasing the strong resilience and enormous potential of the economy, experts said.

They said China is playing an increasingly crucial and influential role in driving global economic recovery amid a gloomy global outlook and a more complicated and grimmer international environment, and the country's latest better-than-expected economic indicators suggest a steady rebound despite unexpected factors.

World Bank data showed that China's contribution to global economic growth averaged 38.6 percent from 2013 to 2021, making it the biggest contributor.

China's GDP had grown by 6.6 percent annually from 2013 to 2021, higher than the global average of 2.6 percent and the 3.7 percent of other developing economies during the same period. China accounted for 18.5 percent of the global economy in 2021, 7.2 percentage points higher than in 2012, remaining the world's second-largest economy, official data showed.

Alessandro Teixeira, a professor at Tsinghua University's School of Public Policy and Management and former minister of tourism of Brazil, said China is important to the world, as it accounts for a large proportion of the world's GDP growth.

He said China is taking and preparing measures to expand consumption, fortify entrepreneurship and help companies gain momentum, offering huge growth opportunities for various stakeholders.

Looking ahead, he said he believed that China's economy will continue to improve, thanks to strong policy support.

Takehiko Nakao, a former president of the Asian Development Bank, said China still has huge economic growth potential in the next few years, despite short-term disruptions resulting from the COVID-19 pandemic.

Despite the challenges and downward pressures, he highlighted the strong resilience of China's economy with its large population and effective economic policies.

Notably, China's economy improved in the third quarter in a new sign of recovery amid pressures from renewed COVID-19 outbreaks and uncertainties both at home and abroad.

Data from the National Bureau of Statistics showed that China's GDP grew by 3.9 percent year-on-year in the third quarter, up from 0.4 percent in the second quarter.

Yang Jinghao, chief economist at Concat Data Technology (Hangzhou) Co, spoke highly of a series of government measures to stabilize the economy and ease the burden on enterprises, saying that China's economy will likely continue to improve in the fourth quarter of the year as stimulus policy measures take effect.

He said China is still at a critical juncture of its economic rebound, and more efforts should be made to consolidate the foundations for recovery.

To further stabilize growth, Zhou Maohua, an analyst at China Everbright Bank, called for more efforts to better implement existing policies on easing pressures on enterprises and ensuring stable supplies and prices.

Zhou said that it is advisable for the government to make better use of structural monetary policy tools to prop up the real economy, with a key focus on increasing financial support for manufacturing, green development and infrastructure construction.


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