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China and World Economy

China and World Economy

No other sizeable economy in history has ever experienced three unbroken decades of near 10% average economic growth as China did during the recent globalisation era, the legacy of economic reforms begun by its leader Deng Xiaoping. This growth in aggregate output was on average over three times greater per annum than its Western trading partners. (Tony Makin – Renowned Australian Economist)

China is undoubtedly the biggest success story in Asia in terms of economic growth, especially in recent decades. The economic growth of China has served as a driving force for world’s recovery from the global financial crisis of 2008. As the world’s largest manufacturing and trading nation, China is uniquely positioned to reverse the spreading economic malaise of trade protectionism and anti-globalization. On the global economic scene, China’s growth since the reform and opening up that started in 1979 has been remarkably unprecedented. Even today, China is making significant contributions to the global economy as identified by country’s Finance Minister, Lou Jiwei, who recently revealed, “Overall, emerging countries contribute over 50 percent to global economic growth. China contributes over 25 percent to world economic growth.”

Although China’s economic growth has slowed a bit in recent months, its contribution to the world economy still remains significantly more than that of other countries. Country’s GDP growth was recorded at 6.9 percent in 2015, the slowest in 25 years while it further fell to 6.7 percent in the first half of 2016, though it is still in line with the government’s official target and slightly above the International Monetary Fund’s latest prediction (6.6 percent). But the resilience the Chinese economy has shown signifies the vital role China has been playing, in maintaining global economic vitality. And, at present, it remains the single largest contributor to world GDP growth. For a global economy that is limping along is unable to withstand a significant shock, such contribution is all the more important.

Estimates vary but researchers generally agree that China’s contribution to global economic growth in recent years ranges from 25 percent to 40 percent. From 2011 to 2015, China’s average GDP growth was 7.3 percent while the global average was only 2.4 percent, with the United States, Japan and Germany registering 2.4 percent, minus 0.1 percent and 1.6 percent growth. In 2014 alone, China contributed 27.8 percent to global growth, making it the top contributor that year.

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