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March 13, 2019

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Nation’s ongoing structural reform underpins global economic growth

AFTER a visit to China last November, the first thing Moroccan wine merchant Mamoun Sayah did back home was to make plans to expand his vineyard.

He was thrilled by the number of dealers who visited his booth during the first China International Import Expo, the world’s first import-themed national-level expo held in Shanghai.

“I’ve always dreamed about bringing Moroccan wine to other countries,” Sayah said. “The potential for the Chinese market is enormous.”

China’s ongoing structural reforms are not only leading its economy onto a sustainable development path, but also underpinning the growth of the world economy.

“As China is transitioning from the ‘world factory’ to the ‘world market,’ it will offer abundant opportunities for global firms,” Wang Yiming, deputy director of the Development Research Center of the State Council, said.

He was speaking on the sidelines of the annual sessions of the national legislative and political advisory bodies.

According to a report by research firm eMarketer, China will replace the United States as the world’s largest retail market this year.

“China has been the main engine for global economic growth, its transition will inject new impetus to the world economy,” said Wang, a member of the 13th National Committee of the Chinese People’s Political Consultative Conference.

China is also upgrading what it brings to the world. In 2018, China’s outbound direct investment totaled about US$130 billion, with most funds flowing into the leasing and business services, manufacturing, and wholesale and retail industries.

The fact that the manufacturing industry is taking a larger share of outbound investment shows that China is shifting from an old resource-oriented investment model to one that is more integrated into the global value chain, Wang said.

Wu Gang, chairman of Xinjiang Goldwind Science and Technology, China’s largest wind turbine manufacturer by new installed capacity last year, said Chinese firms have helped cut the costs of wind power equipment manufacturing by half.

The company built its first wind farm in Panama in 2013, which produced green energy that accounted for about 8 percent of the country’s power consumption just a year after its operation.

Li Daokui, an economist at Tsinghua University and a national political advisor, said Chinese innovation has offered affordable technologies to other developing economies, helping with their own economic transformation.

According to Li, an economic transition is a lesson that must be learned in the course of development by all countries, and China can offer the world its expertise.

“Developed countries could learn from China’s management in macroeconomic control and its practices in supply-side structural reform,” Li said.


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