A recent data released by the International Monetary Fund, showed that China is significantly contributing to overall global economic growth. Actually according to the IMF, China contributed 1.2 per cent to global economic growth in 2016 as the world's major economic growth engine, while the United States contributed 0.3 percentage points and the European Union 0.2 percentage points.
China's economy is operating with a development model of lower cost and higher quality, while structural reforms allow its economy to upgrade itself and eventually enable it to serve as an engine of global economic growth.
According to the IMF report, China was the top contributor to global economic growth in 2009 and its contribution to world growth has since been helping other countries to contribute to global economic growth. Besides, due to huge home demand and facilities China has already made an import worth about $9.00 trillion dollars over the last five years from other countries and helped drive economic growth in other countries across the world. On the other hand, China will attain a higher national economic growth for the next few years for worldwide demand of its raw materials and manufactured goods and it may also provide strong support for growth in many countries of the world.Â
At present, China is already on top as a foreign investor. The total foreign investment of China has increased by $153.00 billion (1,070 billion yuan) from January to November 2016, representing a positive increase of 55 per cent from 2015. It can be genuinely hoped that Chinese investment in infrastructure development is expected to rise further with a great speed.Â
Sherazur Rahman
Assistant Teacher, Joykuri Government Primary School, Singra, Natore, Bangladesh
sherazbd@gmail.com
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China\'s rise as an engine of global growth
FE Team | Published: January 08, 2017 20:08:41 | Updated: October 22, 2017 19:54:40
China\'s rise as an engine of global growth
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