China contributes greatly to global economy

The Chinese economy is a vital player in global landscape and its rapid growth is a huge motor for global expansion, according to a senior economist with the World Trade Organisation (WTO).

China contributes greatly to global economy Source image: / CC by 2.0

The Chinese economy is a vital player in global landscape and its rapid growth is a huge motor for global expansion, according to a senior economist with the World Trade Organisation (WTO).

"Since the middle of the last decade and calculated on a purchasing power parity basis, China has contributed more to global growth than any other economy in the world" China is the largest market of exporters from Least Developed Countries (LDCs), with 23% of LDCs' total exports going to China in 2012, up from 9% in 2000.

China also plays an important role in the global commodity markets, accounting for about 20% of non-renewable energy resources, 23% of major agricultural crops, and is both a leading exporter and importer of intermediate goods, accounting for roughly 14% of world exports of non-fuel intermediate goods.

“Even if growth slows somewhat as China's economy matures, greater reliance on domestic demand could mean a better quality of life for Chinese citizens, since it would provide them with increased consumption opportunities".

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