Business / Economy

China should not be blamed for world economic slowdown

(Xinhua) Updated: 2016-03-01 11:34

BEIJING - China and other world economies share weal and woe together amid global economic slowdown, and it is unreasonable to put all the blames on the world's second largest economy alone.

With the annual sessions of China's top legislature and political advisory body approaching, the Chinese economy and the so-called spillover effects of its slowdown has become a hot topic again.

As a matter of fact, the lackluster global economy comes along with a complicated process -- the profound economic restructuring of the United States and European countries, continuous de-leveraging, weak demand, and re-balancing of the global economy.

In many areas, China is not an exporter of the economic crisis, but an absorber and bearer of multiple pressures.

Facing the crisis stemming from Western nations, China and other economies, which stand together in the same global value chain, should jointly meet the test of transformation.

Statistics can prove that the world economy is not dragged down by China, whose contribution to it currently accounted for up to 30 percent.

Despite the slowdown in imports, the amount of China's imports of bulk commodities is not decreasing.

In addition, Chinese tourists were still the major consumer group as they spent 1.2 trillion yuan ($184 billion) overseas last year, according to an estimate by Fortune Character, a luxury market consultancy.

In the global value chain, China is transforming from a big importer of bulk commodities into a key player of consumer goods and services.

The Asian giant is also in evolution from a world factory into a global end market.

In the opinion of George Magnus, a researcher with the University of Oxford China Center and senior advisor to the United Bank of Switzerland, due to such factors as the enormous size of the Chinese economy and its structural reform, the country is exporting a "new dividend" to the global economy.

He said that despite a slowdown in its economic growth, the country will not cause trouble to other economies.

At a time of economic globalization and regional integration, China and the world economy has formed a community of common destiny long ago.

In this context, all countries should cooperate and work out new measures in reform to tide over the difficulties, rather than pointing fingers at each other.

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