Chinese economy drives world recovery

A report the International Finance Forum released at its 18th annual meeting held recently said the global economy is expected to grow by about 5.5 percent in 2021, returning to its pre-pandemic level. Developed economies are expected to grow by 5.2 percent, contributing 37 percent to global growth, while developing economies are likely to grow by 6.4 percent, contributing 63 percent to global growth.

The report says China will remain the largest contributor to global growth at 26.3 percent, followed by the United States at 16.7 percent and India at 11 percent. This reflects the global economy's expectations for China's economic recovery.

China has struck a balance between coordinated epidemic prevention and control measures and socioeconomic development, and promoting the new "dual circulation" development paradigm. As a result, in the first three quarters of this year, the Chinese economy grew by 9.8 percent－at a much higher rate than other major economies.

The global economy cannot develop without China, and vice versa. China has been promoting reform and development through opening-up and has established win-win cooperation with the rest of the world to pursue high-quality development. In recent years, China has contributed more than 30 percent to global economic growth.

From the first China International Consumer Products Expo to the fourth China International Import Expo, from the 2021 China International Fair for Trade in Services to the 130th Canton Fair, all trade and economic events China has hosted have, to certain extents, injected new impetus into the world economy.

The steady growth of the Chinese economy has not only reduced the risk of fluctuations in the international markets, but also promoted the stabilization and recovery of the global economy.

From the "factory of the world" to the "market of the world", from "made in China" to "created in China", China is reshaping its competition advantages in order to build a new development paradigm while continuing to work with the rest of the world for mutual benefits.