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Business / Economy

China's growth, opening up a boon for world

(Xinhua) Updated: 2015-11-07 09:58

BEIJING - Economic and social development in the world's second largest economy in the next five years will not only be good for China but also benefit the wider global economy, economists say.

The country's medium-high economic growth, opening of the economy and commitment to win-win cooperation will become a major boon for the world and create a swathe of cooperation opportunities.

China's policymakers are compiling the 13th Five-Year Plan (2016-2020), the development blueprint, and the proposal on the plan was adopted at the Fifth Session of the 18th Communist Party of China (CPC) Central Committee which ended on Oct. 29.

Global economic locomotive

The proposals said China should set a target of "maintaining medium-high growth."

"For China to double 2010 GDP and the per capita income of both urban and rural residents by 2020, annual growth for the 2016-2020 period must be at least 6.5 percent," according to a statement by President Xi Jinping after the meeting.

Given the task of restructuring and gloomy global climate, the Chinese economy is adjusting to a "new normal" state that features lower growth pace but higher efficiency and quality.

The economy expanded 6.9 percent year on year in the third quarter of 2015, the lowest reading since the second quarter of 2009 and prompting concerns that the growth rate may drop even further.

"China is capable of achieving growth above 6.5 percent and having room for economic structural adjustments in the same time," said Chi Fulin, director of the China (Hainan) Institute for Reform and Development."China's growth will continue to provide powerful and sustainable momentum to the world economy."

In the previous five years, China's growth accounted for more than 30 percent of total global growth, higher than the 18 percent contributed by the United States.

Despite the ongoing slowdown, economists believe China will make more contribution in the coming five years as the new five-year plan will bring fresh opportunities.

"Still the driver of the global economy, China will become the world's largest market in the 13th five-year period and its economic upgrade will offer plenty of room for industrial cooperation to emerging economies," said Liu Yuanchun, deputy director of the National Academy of Development and Strategy at Renmin University.

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