What China's economic transition mean to the world
- By Zhang Yugui
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E-mail China.org.cn, March 30, 2016
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[By Jiao Haiyang/China.org.cn] |
In light of the off-track global economy, the recently concluded 2016 Boao Forum for Asia (BFA) in China's Hainan Province has introduced China, Asia and the world's high-level sharing of intelligence as well as strategies regarding global economic recovery and governance reform.
According to the information delivered by Chinese Premier Li Keqiang in his keynote speech at the opening ceremony, despite the slowdown of economic growth rate, the Chinese economy is still the engine of global economic growth with positive changes in its structure and spacious momentum.
China, a country that is committed to the economic restructuring, will be an important participant in global economic governance reform along with Asian countries and emerging economies.
At present, China is actively participating in the reform of the International Monetary Fund and pursuing a discourse power matched with its economic strength through the establishment of the Asian Infrastructure Investment Bank, the New Development Bank of BRICS, the Silk Road Fund and the Regional Comprehensive Economic Partnership. China's efforts in guiding the building of multi-leveled financial systems will help to establish a new pattern of global governance in the 21th Century.
As an important bridge connecting China, Asia and the world, the BFA's influence has been rising yearly with the continuous growth of China's economic strength. Meanwhile, the China Development Forum held in Beijing on March 19-21 was a window for the world to look at the trend of Chinese policies. China has been working on narrowing the communication gap on its economic policies by holding such high-level forums.
China now faces three challenges in the economic field. First is how to change the growth model. Second is how to steadily control the unavoidable economic slowdown. Third is how to interface the Chinese economy with the global economy. They can be summarized into one question, how to ensure the orderly expansion of Chinese economic activity in the world during economic transition and growth among global financial competition and the changes of international patterns.
China's economic transition is unique in world economic history. China's economic factors, resources, population quality and structure, development concept, decision mechanism and technological development stage are all hugely different with those of developed countries. Therefore, China cannot find a ready-made path for its economic transition.
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