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One-Third of Global GDP Growth Past Year Occurred in China, According to UN Report

One-Third of Global GDP Growth Past Year Occurred in China, According to UN Report

The Chinese economy alone contributed about one-third of global growth in 2017, as measured in GDP monetary terms, according to the “World Economic Situation and Prospects 2018” released last month by the United Nations.

The UN report points to the transformation which the Chinese economy has undergone, from the former global leader in cheap mass-producted exports, to an increasing producer and exporter of
high-value goods:

The first half of 2017 witnessed a surge of 93.4% in exports of drones, for example. There was a rise of 32.5% in automobile exports, and a considerable increase in the export of other high value-added products such as mechanical and electronic equipment for manufacturing. By providing medium and high-end products of high quality at reasonable prices, China is delivering larger dividends to the world. In recent years, many foreign media have paid attention to China’s advances in science and technology. World-leading technologies, including the mobile internet, artificial intelligence and Big Data, are serving not only as new drivers of China’s growth, but also contributing to global scientific and technological progress. Meanwhile, China’s telecommunications, computer and information services are being exported, creating new miracles of economic development in other developing economies including those of Africa.

On the other hand, China’s vast market and economic vitality have created huge demand for the goods of other countries—which is important, the UN report states, because world economic growth remains “sluggish” (sic) and de-globalization keeps growing. The Belt and Road Initiative and other public goods, offered by China to the world, have greatly promoted international trade and investment and, at the same time, provided new guidance for economic globalization, the said United Nations report documents. In 2017, China announced an additional 100 billion yuan investment in the Silk Road Fund, and, in the first 11 months of the year, China invested more than $12 billion in countries along the Belt and Road, making an important contribution to world economic development.

The Central Economic Work Conference recently held in Beijing stressed high-quality development, sending a clear message that China continues to be a main driver powering world economic growth and stabilizing world economic development, sharing the dividends of China’s economic development with the rest of the world.