World Bank forecasts a 2.7 percent growth for world economy and 6.5
percent growth for China’s in 2017, according to the organization’s
latest World Economic Prospects on January 10. Experts believe that
Chinese economy will achieve a stable performance this year while
maintaining progress, once again becoming the locomotive of the global
Emerging markets and developing countries are expected to see a 4.2
percent rise in their economy, contributing 1.6 percent to the global
growth, the report says.
"The development of world economy in 2017 continues to rely on emerging
economies," Yu Miaojie, deputy dean of the National School of
Development under Peking University, told People’s Daily. Developed
economies and emerging economies are the two engines that drive the
global economic growth. The US, the EU and Japan represent the developed
economies, while the emerging economies include China, Russia, Brazil,
India and South Africa.
The world economy is still full of uncertainties, said Yu, pointing out
the possibility of more black swan events. He predicted that the
uncertainty of the elections of Germany and France would exert
significant impacts on global economy.
According to Yu, the sluggish economy of Europe and the de-globalization
trend of US in its economic policies are the two major negative factors
threatening the global trade liberalization.
However, the developing countries led by China have showed a signal of
steady development in the new year. It is expected that emerging
countries, with China as the core, will drive the global economy in
Yu noted that the US would set up more trade barriers after Donald Trump
takes the office. As a result, international trade friction is expected
to rise. Meanwhile, Brexit and migrant crisis in Germany are likely to
further hurdle the European economy.
Besides, with an expected growth of 0.6 percent, it’s almost impossible
for Japan to be the mainstay.
On the contrary, China’s economy will achieve a stable performance while
securing progress thanks to its continuous supply-side reform that
centers on the improvement of productivity. At the same time, the
country will enjoy an expanded domestic market, growing consumption and
increased imports as well. In addition, more Chinese enterprises are
expected to enter overseas market with sharpened competitiveness,
increasing the country’s greenfield investment. As a result, more jobs
will be created in the investment destinations.
Despite the uncertainties in 2017, China, with its large size of
economy, high-speed growth and the spirit of mutual-benefit and win-win
cooperation, will become a leading force to revitalize global economy.
More and more countries have echoed China’s proposals such as "Belt and
Road" initiative, Regional Comprehensive Economic Partnership and
South-South Cooperation. In one word, China will play an irreplaceable
role in the economic development of Asia-Pacific region, and even the
world at large.