Central People Government of People Re : How China drives world economy

The world economy has been undergoing profound changes in recent years. The momentum of major economies such as Europe, the United States, and Japan is slowing, while new economies like Brazil and Russia are still in the shadow of economic recession. India has witnessed dramatic economic growth but the south Asian nation is still not a major global driving force considering its economic scale. At the same time, China, the world's second largest economy, with its further opening-up and integration with the globe, accounted for more than 30 percent of global economic growth, making it the most significant driving force.

Stable Chinese economic growth major driving force in global recovery

Since opening-up 30 years ago, China's economy has become more and more important to the world economy. According to World Bank data, China's GDP rose from 1.2 percent of the world's GDP in 1979 to 9.3 percent in 2010. That figure rose to 11.9 percent in 2015 with an average growth of 0.5 percent during the 12th Five-Year Plan period. China makes up 14.8 percent of the world's economy, behind the United States which accounts for almost a quarter. Japan and India represent 5.6 percent, and 2.8 percent of the world's economy respectively.

During the 12th Five-Year Plan period, China accounted for more than 30 per cent of the world's economic growth, the biggest contributor. In 2016, China continued to grow strongly. According to international estimates, the economic growth rate of China, the United States, and Japan was 6.7 percent, 1.6 percent, and 0.6 percent respectively.

Increasing Chinese demand boosts world trade and economy

In recent years, China has been playing a more important role in world trade. According to the United Nations Conference and Trade Development, 10.3 per cent of exports came from China in 2010. That rose to 13.7 percent in 2015. At the same time, China accounted for 9.1 percent of imports in 2010 and 10.1 percent in 2015.