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China's growth significant for world economy

Updated: 2009-03-05 00:13

BEIJING -- Chinese lawmakers and political advisors will consider measures to attain the targeted 8 percent economic growth at the annual sessions of the country's top legislature and political advisory body.

The event is drawing particular attention as China's key role on the international economic stage has been further highlighted due to the current world financial crisis. Whether China can maintain a relatively fast economic growth is of particular importance to the world economy.

In this regard, China's economic growth can help weather the global economic turbulence and prevent the world economy from sliding further into recession.

At present, major economies including the United States, Japan and Germany have all been dragged into recession, while China has become one of the key engines for world economic growth.

For China's trade and investment partners, its relatively fast economic growth, especially the 4-trillion-yuan ($580-billion) stimulus package announced late last year, means more market opportunities and brighter prospects for development.

On the other hand, China's ample foreign exchange reserves gives hope to the international banking industry and enterprises that are suffering from a lack of liquidity.

Furthermore, China's yuan remains basically stable at a reasonable equilibrium level, which helps to prevent the international financial and currency market from further turbulence.

In a broader sense, the relatively fast economic growth of China has helped strengthen international cooperation to withstand challenges, as well as boost the world's confidence in combating the financial crisis.

With its economic development, China's international influence has  also been enhanced.

From January to February, Chinese leaders including President Hu Jintao and Premier Wen Jiabao have paid visits to Asia, Africa, Latin America and Europe, establishing trade and economic cooperation programs, strengthening opposition against protectionism, as well as reaching broad consensus on jointly tackling the economic crisis.

As a follow up to Premier Wen's "tour of confidence" to Europe, a Chinese trade and investment delegation signed procurement and cooperative agreements worth more than $10 billion during its tour to Germany, Switzerland, Spain and Britain.

In the face of the global financial crisis, China still stands by its  opening-up policy and adoption of a cooperative and conscientious attitude, which was highly appreciated by the Europeans.

Juergen Heraeus, chairman of the China Council of Asia-Pacific Committee of German Business, said such a stance proved that "China is a reliable partner in the crisis."

China's relatively rapid economic growth will be conducive to enhancing mutually beneficial cooperation among developing countries and establishing a more fair and rational international economic order.

In February, President Hu and Vice President Xi Jinping paid visits to 10 developing countries in Asia, Africa and Latin America, during which they signed a series of cooperation and aid agreements in trade and economy.

As the largest developing county, China cooperates with other developing countries to help each other, a highlight in the global combat against the economic crisis.

The financial crisis has stemmed from developed countries, and has dealt a severe blow to their economies. On the other hand, the overall economic power of developing countries such as China is on the rise, which will help bring an early recovery to the world economy.

The international community now fully recognizes that developing countries have an important role to play and should have a greater say in  international economic and financial matters.

British Foreign Office Minister Mark Malloch-Brown said the emerging economies were more important than ever in tackling the world's problems.

He said there needed to be a "re-balancing of the global economy and re-balancing of the power in it" and it meant a greater role for groups such as the G20 leading world economies rather than the more exclusive G8, whose share of the world economy is in decline.

China has also fallen victim to the financial crisis and still faces great difficulties in achieving its economic growth targets. And, as a developing country, China cannot help the world get out of the current predicament alone.

Premier Wen told the Financial Times newspaper: "I firmly believe that running our own affairs well is the biggest contribution to entire mankind."

Likewise, maintaining China's rapid economic growth is the biggest contribution to the world economy in the current the global downturn.

An editorial of the People's Daily has called on China's top political advisory body to made due contributions to help the country weather through difficulties.