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World Economic Forum expects China's solutions

By Liu Zheng | chinadaily.com.cn | Updated: 2017-01-17 15:00

 

Once a year, world's leaders and economic tycoons touch down at Davos, a ski resort located at the Swiss Alps, for the World Economic Forum.

Although the economic depression that has spread over the world is unavoidable in most countries, this January, President Xi Jinping will go to the event with China's solutions to pull through the difficulties.

"All countries, big or small, strong or weak, rich or poor, must treat each other as equals. We need to help each other achieve sound development as we work to ensure our own development," Xi said in a speech at the G20 delivered last September to the leaders of the 20 biggest economies in the world.

International Monetary Fund statistics show that last year, global GDP growth would reach 3.1 percent, of which China's contribution would be 39 percent, or 1.2 percentage points.

China contributes much to maintaining balance in the world by helping developing countries through strengthening mutual economic and political ties.

For example, today China is the largest trading partner of emerging countries like Russia, Brazil and India.

According to the Ministry of Commerce, China attracted $118 billion foreign direct investment this year, which excludes investment in the financial sector.

Meanwhile, China's full year non-financial outbound direct investment is expected to stand at around 1.12 trillion yuan.

The Belt and Road Initiative and the Asian Infrastructure Investment Bank, with more and more countries willing to participate, have also contributed to global welfare.

Belt and Road Initiative

The Belt and Road initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was first promulgated by Xi in 2013. He envisioned a trade and infrastructure network that connects Asia with Europe and Africa along the ancient Silk Road routes.

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