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Sunday, April 22, 2018

China's dev offers "unprecedented opportunities"

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Steady growth in China has promoted global economic recovery and trade growth, and provided unprecedented opportunities for other countries, according to the National Bureau of Statistics (NBS). "In recent years, Chinese economic growth held steady at a medium-high rate to become an indispensable engine and anchor for the world economic recovery and sustainable development," the NBS said in a statement. 

Calculated with exchange rates of respective years, China's GDP accounted for 14.8 percent of the world economy in 2016, up from 12.5 percent in 2013. China's average annual growth was 7.2 percent in 2013-2016 calculated with 2010 U.S. dollar prices, noticeably faster than 2.1 percent for the United States, 1.2 percent for the eurozone, 1.1 percent for Japan and 2.7 percent world growth in the same period. 

"China's growth provided a strong engine for world economic growth and contributed more than 30 percent on average to world growth during the period," the NBS said. The country's economy was also less volatile than its counterparts.  In 2013-2016, the Chinese economy fluctuated within a range of just 1.1 percentage points, much smaller than the ranges for the above-mentioned countries and regions. "As the world's second largest economy, China played a crucial role in lowering the risks from world economic volatility with its stable growth," the NBS said.

-AA Business Desk

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