Business / Economy

Chinese ambassador refutes claims against China amid global market fluctuation

(Xinhua) Updated: 2016-02-17 16:46

The ambassador said there is still significant demand for commodities among Chinese consumers. China imported 112 million tons of grain between January and November 2015, up 27.3 percent year on year. The imports included 25 percent of US beans and 40 percent of US cotton production.

The crude oil imports also increased by 8.8 percent, he said.

Cui said structural reforms "will bring a brighter future to China's economy and, consequently, greater opportunity to the world."

A large Chinese stimulus package in 2008, which played an important role in preventing a meltdown of the world economy, also led to the serious problem of overcapacity and structural imbalance in the Chinese economy, which has caused the current economic slowdown.

"To sustain growth, China is implementing structural reforms that place greater emphasis on developing an innovation-and-consumption-driven economy. China's 13th five-year plan lays out five clear development concepts: innovation, coordination, green development, opening-up and inclusiveness," Cui wrote.

He said Chinese leaders are determined to see structural reforms, though they are by no means easy and come with risks.

"China is, in fact, playing a pioneering role in the structural reform that the global economy desperately needs, hence it should be applauded and encouraged," he wrote.

"A prosperous China benefits the world. As the host of the 2016 G20 (Group of 20) summit, China is ready to work with the rest of the world to pool wisdom, advance international economic cooperation and improve global economic governance to achieve a strong, sustainable and balanced growth," Cui said.

The two largest economies in the world, China and the United States have an important role to play, he added.

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