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BEIJING - Against the backdrop of the global
struggling for economic recovery and the worsening situation in some emerging
markets in 2015, China's economy has remained a strong engine for the world
economy.
Though the Chinese economy has changed to a
"new normal" of more sound and slower growth, it continues to create
development opportunities for the world.
At the G20 summit held in the Turkish resort city
of Antalya, Chinese President Xi Jinping said that despite a recent slowdown,
China has still contributed 30 percent of world economic growth, which means
China is still a major world economic powerhouse.
It is predicted that the world's second largest
economy will grow around 7 percent this year, and will continue contributing as
high as about one third of the global growth, Xi said.
China's confidence comes from its determination and
actions to comprehensively deepen reform, strengthen economic endogenous
dynamism and policy guidance to build a "moderately prosperous
society" and double its 2010 GDP and per capita income of both urban and
rural residents by 2020.
Like other economies, China's economy experiences
different phases of its development cycle. It is now shifting its focus to
consumption and service industries from polluting heavy industries and manufacturing
via complex reforms.
A natural result of the transition is lower yet sustainable
and balanced growth.
"The change is rational and necessary, and is
a prompt solution in the context that the world has just overcome a crisis and
been in a restructuring and recovery process since 2013," said Can Van
Luc, senior executive vice president of the Bank for Investment and Development
of Vietnam.
Steven Barnett, former chief of the China Division
in the International Monetary Fund's (IMF) Asia and Pacific Department, said
the "new normal" of China's economy is good for both China and the
world.
"Even at a growth rate of 6 percent, China's
contribution to global economy is quite similar to what it was before," he
said.
Charles Collyns, managing director and chief
economist at the Institute of International Finance (IIF) in Washington, said
"it would be better for China to allow somewhat lower growth of GDP and
make more progress dealing with the problems of the transition to a new more
market-oriented economy less reliant on credit investment."
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