China Makes New Contributions to the World Economy

Almost four decades after implementation of its reform and opening-up policy in the late 1970s， China has become the worlds second largest economy， second largest trading nation， largest exporter， second largest importer and second largest overseas investor. China certainly has the capabilities to create huge development opportunities for the world.

China is making new contributions to global technological innovation. With a new round of industrial revolution coming， innovation has become the biggest driving force for the world economy. Throughout history， China has remained a standout in innovation， represented by its “Four Great Inventions”—papermaking， printing， gunpowder and the compass. In recent years， China has revived to become one of the leading nations in innovation in fi elds like quantum communication， super computers and powe r transmission. Whats more， Chinas“Four New Great Inventions”—high-speed railway， mobile payment， online shopping， and bike sharing—are bringing great changes to peoples lives. The world is shifting from “Copy to China” to “Copy China！”

China also provides vast markets for the world. As more and more Chinese people attain middle-class status， consumption will rise significantly. Already the largest buyer of bulk commodities， China will offer massive potential markets for countries rich in resources.

Global capital can tap Chinas rapid development to reap profits. Since its reform and opening up， the nation has absorbed $1.7 trillion of foreign investment. And since the 18th CPC National Congress， China has begun to promote a more open economy by setting up pilot free trade zones， introducing the management model of pre-established national treatment with a negative list， opening more sectors and cutting thresholds for the entry of foreign funds.

Chinese enterprises have ventured abroad to invest， resulting in growth opportunities for locals. From 2013 to 2016， Chinas non-fi nancial overseas direct investment reached $491.5 billion， up by 21.6 percent year on year.

China has always pursued shared benefi ts. According to authorities， in the next fi ve years， the nations total imports are expected to reach $8 trillion； its foreign direct investment，$600 billion； its outbound direct investment，$750 billion； and outbound trips made by its people， 700 million. These fi gures foretell bigger markets， more capital and better revenue opportunities for countries around the world.endprint

Since the 2008 international fi nancial crisis broke out， the global economy has remained sluggish. It has been diffi cult for the world to escape from the mire of economic slowdown and evolve from old drivers of growth to new ones. China has actively attempted to do just that.

Facing the economic downturn， China has not adopted large-scale stimulus policies， but pursued innovative， coordinated， green， open and inclusive development， promoted supplyside structural reform， and freed and developed productive forces and economic vitality through reform. Consequently， Chinas economy has shown rising momentum， setting a good model for the world. Hosted by China in 2016， the G20 Hangzhou Summit hammered out a top-level plan for structural reforms—including priority areas， guiding principles and evaluation indicators—offering Chinas experience for world development.

Facing a lack of global public goods， China is trying to fill the gap. The nation proposed the Belt and Road Initiative， aiming to share Chinas development opportunities with other nations along the routes and realize common prosperity. China also helped establish the Asian Infrastructure Investment Bank and the BRICS New Development Bank， which offer systematic fi nancial support for coordinated regional development.

Chinas rapid development has drawn global attention and become a model for developing countries. Due to the impacts of the 2008 international fi nancial crisis， many developed countries have been stuck in economic slumps over the past several years， as have some emerging market economies. However， China has maintained steady growth. Between 2013 and 2016， Chinas average annual economic growth rate hovered around 7.2 percent， considerably higher than the 2.6-percent global average and even the 4.0-percent average of developing economies. That number testifies to the advantages of Chinas development path and has inspired more countries to learn and borrow from Chinas experience， which demonstrates that a nation can choose its own development path according to its own history and realities. Chinas economic success has strengthened the confi dence of other countries to choose an independent development model that optimally suits their own national conditions and realities.

Chinas progress is providing opportunities for world development， and the nation is making contributions to the establishment of an innovative， vibrant， interactive and inclusive world economy.endprint