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China still a strong driver of global economy

By Wang Bao'an | China Daily | Updated: 2015-10-19 08:58

Despite the uncertainties surrounding the world economy and the recent considerable fluctuations in global stock, foreign exchange and commodity markets, China has been maintaining steady growth, injecting confidence into the global economic recovery as an important locomotive of world growth.

China has proved a top contributor to world economic growth. Its annual average gross domestic product was 8.7 percent from 2009 to 2014, far higher than the 2.0 percent world average during the same period. Its contribution rate to world economic growth exceeded 30 percent during the period, 12 percentage points more than the 18 percent contributed by the United States.

China's economic growth has slowed after its entry into a new normal stage of growth. This is mainly the result of the country's accelerating economic restructuring and transformation to a services-led economic model, which has given new vigor to the nonpublic sector and promoted the booming development of newly emerging industries. The efforts to encourage business startups and innovations have also exhibited good momentum, and remarkable results have been achieved in energy saving and emissions reduction.

China still a strong driver of global economy

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