China’s contribution to global economic growth averaged over 30% from 2013 to 2021, making it the biggest contributor, according to China's National Bureau of Statistics (NBS). China accounted for 18.5% of the global economy in 2021, 7.2 percentage points higher than in 2012, remaining the world’s second-largest economy.
Sang Baichuan, Dean of the Institute of International Economy at the University of International Business and Economics, said China has been playing a crucial role in driving global economic growth during the past few years. “China has managed to achieve sustained and healthy economic development despite the impact of Covid-19,” Sang added. “The country has played a key role in maintaining the smooth operation of the global supply chain.” NBS data showed that China’s gross domestic product (GDP) reached CNY114.4 trillion in 2021, 1.8 times higher than in 2012.
The average growth rate of China’s GDP reached 6.6% from 2013 to 2021, higher than the world’s average of 2.6% and that of the developing economies at 3.7%. Sang said China has solid foundations and favorable conditions to maintain healthy and steady growth in the long run, as it has a huge domestic market, a sophisticated manufacturing workforce, the world’s largest higher education system and a complete industrial system. Citing challenges from monetary tightening in developed economies and inflationary pressures around the globe, Sang said he expects to see further fiscal and monetary easing to stimulate China’s slowing economy in the remainder of the year. Experts said the country should pay more attention to fostering new growth drivers and boosting innovation-driven development by deepening reform and opening-up.
Wang Yiming, Vice Chairman of the China Center for International Economic Exchanges, warned of challenges from weakening demand, renewed weakness in the property sector and a more complicated external environment, saying that the key is to focus on boosting domestic demand and fostering new growth drivers. Liu Dian, Associate Researcher at Fudan University’s China Institute, said more efforts should be made to develop new industries and businesses and foster innovation-driven development, the China Daily reports.
