Home » Opinion » Foreign Views
China likely to be engine of global growth in 2012
By Shuai Anning |
January 13, 2012, Friday
|
Print Edition
Print Edition
THREE years after the outbreak of the global financial crisis, the world economy ended 2011 as fragile as ever.
Industrial nations were deeply mired in a substantial slowdown, high unemployment rates and a messy sovereign debt crisis, while emerging markets were carefully balancing their fights against inflation and fine-tuning easing measures to spur growth.
But China remained a much-needed bright spot in the world economy.
China's newly found role as a global market will be further cemented as the country firmly implements economic adjustment in light of the global financial crisis - cutting its over-reliance on exports and fully developing the potential of the domestic market.
China, which emerged from the severe global economic downturn largely unscathed, continues
IMF economist Sun Tao told Xinhua: "In 2011, China maintained rapid economic growth against the headwind of sluggish world economic recovery and the volatile global financial market. The economic recovery was on a solid footing driven by vigorous domestic and external demand."
Import demand
Ten years after China's entry into the World Trade Organization, China has built a complex and substantial trading network with countries around the world, which means the country's rapid economic growth is not only benefiting its own people, but also helping to spur economic growth in its trading partners.
China's demand for crude oil and other raw materials has been a major boost to resource-rich countries such as Australia, Brazil and Angola.
Its role as one critical part of the global supply chain also means it has been importing large quantities of electrical components from countries such as Japan and South Korea.
Furthermore, its 1.3 billion consumers are increasingly buying all kinds of goods, from tropical fruits from Southeast Asia to high-end luxuries from the United States and Europe.
For many countries, the booming Chinese economy offers them great opportunities in terms of export and investment. According to statistics from Indonesia's trade ministry, in the first nine months of this year, the country's export of non-oil/non-gas products to China surged by 60.1 percent on a year-on-year basis, offsetting a fall in exports to the US market.
In Southeast Asia, China's near neighbors have benefited most from their deep involvement in regional trade and integration.
Sundram Pushpanathan, deputy secretary-general of the Association of Southeast Asian Nations (ASEAN), praised China's contribution to the economic growth in ASEAN member countries. "ASEAN and China... 'own' one of the largest FTAs in the world," he said, referring to the ASEAN China Free Trade Area (ACFTA).
The free trade deal, which came into force on January 1, 2010, not only boosted the economy in the East Asian region, but also "significantly contributes to facilitating global trade," he said.
No savior
According to China's Ministry of Commerce, China has become the biggest trading partner of ASEAN, while ASEAN ranks third among China's trade partners, following the EU and the United States.
Dr Sri Adiningsih, the co-founder of the Asia Pacific Studies at Indonesia's Gadjah Mada university, told Xinhua: "China has been acting as the axis of the economy in East Asia (and) will be the backbone of the world's economy ... so it is very important to make ASEAN get along with China in attaining growth in the eve of global economic awakening."
China is not, and does not intend to be the world's savior.
But the country, with strong growth momentum, is ready to face the challenges ahead with the world again to help achieve a full and sustainable global economic recovery.
The author is a Xinhua writer.
Industrial nations were deeply mired in a substantial slowdown, high unemployment rates and a messy sovereign debt crisis, while emerging markets were carefully balancing their fights against inflation and fine-tuning easing measures to spur growth.
But China remained a much-needed bright spot in the world economy.
China's newly found role as a global market will be further cemented as the country firmly implements economic adjustment in light of the global financial crisis - cutting its over-reliance on exports and fully developing the potential of the domestic market.
China, which emerged from the severe global economic downturn largely unscathed, continues
IMF economist Sun Tao told Xinhua: "In 2011, China maintained rapid economic growth against the headwind of sluggish world economic recovery and the volatile global financial market. The economic recovery was on a solid footing driven by vigorous domestic and external demand."
Import demand
Ten years after China's entry into the World Trade Organization, China has built a complex and substantial trading network with countries around the world, which means the country's rapid economic growth is not only benefiting its own people, but also helping to spur economic growth in its trading partners.
China's demand for crude oil and other raw materials has been a major boost to resource-rich countries such as Australia, Brazil and Angola.
Its role as one critical part of the global supply chain also means it has been importing large quantities of electrical components from countries such as Japan and South Korea.
Furthermore, its 1.3 billion consumers are increasingly buying all kinds of goods, from tropical fruits from Southeast Asia to high-end luxuries from the United States and Europe.
For many countries, the booming Chinese economy offers them great opportunities in terms of export and investment. According to statistics from Indonesia's trade ministry, in the first nine months of this year, the country's export of non-oil/non-gas products to China surged by 60.1 percent on a year-on-year basis, offsetting a fall in exports to the US market.
In Southeast Asia, China's near neighbors have benefited most from their deep involvement in regional trade and integration.
Sundram Pushpanathan, deputy secretary-general of the Association of Southeast Asian Nations (ASEAN), praised China's contribution to the economic growth in ASEAN member countries. "ASEAN and China... 'own' one of the largest FTAs in the world," he said, referring to the ASEAN China Free Trade Area (ACFTA).
The free trade deal, which came into force on January 1, 2010, not only boosted the economy in the East Asian region, but also "significantly contributes to facilitating global trade," he said.
No savior
According to China's Ministry of Commerce, China has become the biggest trading partner of ASEAN, while ASEAN ranks third among China's trade partners, following the EU and the United States.
Dr Sri Adiningsih, the co-founder of the Asia Pacific Studies at Indonesia's Gadjah Mada university, told Xinhua: "China has been acting as the axis of the economy in East Asia (and) will be the backbone of the world's economy ... so it is very important to make ASEAN get along with China in attaining growth in the eve of global economic awakening."
China is not, and does not intend to be the world's savior.
But the country, with strong growth momentum, is ready to face the challenges ahead with the world again to help achieve a full and sustainable global economic recovery.
The author is a Xinhua writer.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
