Opinion / From the Press

China still the locomotive

(China Daily) Updated: 2015-04-13 07:47

China still the locomotive

The Shanghai-Nantong Yangtze Bridge under construction on the Nantong side of the river in Jiangsu province. Fixed-asset investment growth further slowed to 13.9 percent in the first two months of this year. Xu Congjun / For China Daily

As China's economy enters a new normal with a moderately slower growth rate, a question may arise among some in other countries whether its economic train will give others a free ride like it did in the past and whether such a pick-me-up is still attractive.

Consultation, joint development, sharing and win-win have been China's consistent principles in its interactions with the outside world and that will not change. Furthermore, China's accelerated efforts to promote the transformation of economic growth from extensive and factors-driven to intensive and innovation-driven will help its economic train run at a sounder speed and with sustainable power.

As China comprehensively deepens its reforms, its market access is expected to be further broadened, which will offer more "golden belts" for foreign investment. At the same time, the ever-growing consumption demands the country will have as it takes practical steps toward building a consumption-driven economy and makes steady efforts to promote urbanization will mean greater market potential for foreign goods.

China's enormous outward direct investment in the coming years will also bring tangible benefits to other countries. In 2014, China's outward FDI growth registered 16 percent year-on-year and it is expected to reach $1.25 trillion in the coming decade. This, together with the accelerated "go global" efforts by its domestic enterprises from a wide range of industries, such as high-speed trains, nuclear power, aerospace and telecommunications, will offer other countries more momentum for development in terms of equipment, technologies and funding.

In an era of globalization, China consistently looks at its economic development and cooperation with others from a cooperative and win-win perspective. Such a perspective will be firmly maintained in the new normal. Its slower but higher-quality growth will bring broader opportunities for other countries, but any misgivings may easily let slip such opportunities.

The above is an abridgement of a People's Daily article.

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