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China one of forces driving growth in global economy: economist
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CHINA, along with several other key Asian countries, is "one of the forces driving growth" in the global economy, the Secretary-General of the China Reform Foundation told an international conference in Brussels on Saturday.
Dr. Fan Gang told the German Marshall Fund's annual Brussels Forum that Asia is a "dynamic" economic region at the moment.
China and India, said Dr. Fan, are currently experiencing a 7 percent growth rate, with Indonesia at 5.5 percent.
He also pointed to the fact that several European countries have joined the newly-created Asian Investment Bank for Infrastructure (AIIB) as evidence of positive global developments in the region.
He said that since the Chinese economy suffered overcapacity in 2009-2010, the country has returned to a growth rate of 7 per cent.
"Structurally speaking, China is slowing down, but we have returned to a normal growth rate. We are back to normal, and the country has stabilized."
He added that after experiencing "a huge surge" in investment in 2009-2010, internally China now manages a saving rate of 1 percent each year.
He said that globally "China is investing outward. In 2014 for the first time ODI (outward direct investment) surpassed FDI (foreign direct investment)."
There are moves in China to further open market for services sector with global partners, according to Dr. Fan.
He added that increased trade agreements between China and the EU would "benefit everybody." Such agreements, he said, "are not just about trade, but about the framework in which it is structured."
When asked what is the biggest threat to global growth, Dr. Fan said it would be "a currency war," which, he said, "is a big question for our region."
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