Over the years, China’s economic growth has been the impetus and security of global economic development. A broad market, hundreds of millions of people traveling abroad and billions of US dollars worth overseas direct investments have provided good opportunities for the global market and investment environment, as well as generating a large number of jobs around the world. Chinese-made commodities with high-quality and lower prices have effectively helped restrain the world’s inflation, and have made great contributions to improve the well-being of people around the world.
Chinese President Xi Jinping has stressed many times that China welcomes all countries to develop with China together to achieve the prosperity of the whole world. China is committed to promoting the liberalization and facilitation of trade and investment, and has pushed the development of economic globalization towards the directions of a more open, inclusive, balanced and all-win result. China is a beneficiary of economic globalization. But more importantly, it’s a contributor. China’s development is an opportunity for the world.
Firstly, China’s stable economic growth is a key driving force and stabilizer of the world’s economic recovery and development.
In 2017, China’s total economic volume reached around 12.25 trillion U.S. dollars. Economic growth over the past year exceeded one trillion U.S. dollars, which is equal to the total economic output of Spain. According to the statistics from the World Bank, the average contribution rate of China’s economic growth to the world has been over 30% during the 2013 to 2017 period, which surpassed the total contribution of the United States, the Eurozone and Japan. This not only shows the vitality and toughness of the Chinese economy, but also means China’s stable economic growth is creating more opportunities to the world economic recovery.
Over the past two years, China has made gradual progress on advancing the supply-side structural reforms. This has helped adjust supply and demand, brought up prices in certain areas, and has improved the adaptability and creativity of the supply system, which provides strong support for the recovery of the global economy.
Secondly, China’s broad markets create a large number of jobs.
Official data shows that by the end of 2017, the total population in China reached 1.39 billion. A population of nearly 1.4 billion means huge market demand. In 2017, China’s imports in the commodity and service areas reached 2.3 trillion dollars, and non-financial overseas direct investment exceeded 120 billion dollars, which provides vast market opportunities, investment opportunities and development opportunities for all countries and regions. China’s outbound tourist numbers in 2017 reached 14.3 billion, which has greatly stimulated consumption in each country.
Furthermore, a vigorous and resilient Chinese economy has created a huge number of jobs around the world. Taking the United States as an example, according to a report released by the US-China Business Council, in 2015, US businesses which export to China provided 1.8 million new jobs to the U.S. Two-way investment between China and the US created 2.6 million new jobs in the U.S.
Thirdly, the Chinese-made fine goods have reduced the cost of living for people around the world.
As China has constantly strengthened its manufacturing capacity, created more high quality commodities with lower prices, which have effectively restrained inflation in many countries and reduced the cost of living for people since the mid-1990s. In the United States, importing large quantities of fine commodities from China has helped maintain lower inflation. The move has also raised the real purchasing power of ordinary people, especially lower-and middle-income groups. A research by the US-China Business Council shows the total income of a typical American family was 56,500 dollars in 2015. It’s estimated US imports from China help save the average family 850 dollars per year. The Oxford Research Institute estimates that the U.S. importing of low-price goods from China in 2015 reduced consumer prices around 1 to 1.5 percent.