China's growth vital for global development

Over the past more than four decades China has achieved an average GDP growth rate of 8.9 percent, much higher than the global average of 3.0 percent, contributing 24.8 percent to global economic growth. In the next five to 10 years, China will promote mutually beneficial cooperation and development to counter the zero-sum games being played by some Western economies.

China has made it clear that it will build a higher-level socialist market economy to stimulate market vitality and unleash the immense potential of medium- and long-term economic growth. If China makes major breakthroughs in upgrading its industrial, consumption and urban-rural structures, it will be well-positioned to achieve an average growth rate of about 5 percent over the next decade.

More important, the expansion and structural optimization of China's economy will have a significant impact on global economic growth. The International Monetary Fund estimates that every 1 percentage point increase in China's growth rate will boost global economic growth by 0.3 percentage points.