Home ECONOMY China contributes 30 percent to global growth

China contributes 30 percent to global growth


Beijing, Sep 10:

Chinese Prime Minister Li Keqiang on Thursday announced that Beijing has contributed around 30 percent to global economic growth during the first half of 2015, adding that the world’s second largest economy will not take a “hard landing”.

Pic Courtesy: www.stylish-family.com
Pic Courtesy: www.stylish-family.com

The premier made the announcement on the sidelines of the ongoing Annual Meeting of the New Champions 2015, also known as the Summer Davos forum, which opened earlier in the day in Dalian city, Xinhua news agency reported.

Li said China’s seven percent growth during the first half of this year was not an easy achievement amid a slow world economy. He said a seven percent rise for a $10 trillion economic base is much bigger than the 10 percent growth of a smaller economy in the past, placing China among the world’s top major economies.

A more encouraging sign, according to Li, is that the country’s economy is more oriented toward consumption, which accounts for half of China’s economic output and 60 percent of growth.

Though economic growth moderated to sevem percent in the first half, retail growth in China has risen more than 10 percent so far this year. Household disposable income has also outstripped economic growth, Li said.

Employment growth exceeded 7.18 million during the first half of 2015 or 72 percent of the 10 million target set for the whole year.

Also, over 100 million Chinese travelled abroad last year and the number of visitors rose 10 percent in the first six months of this year. Chinese tourists have demonstrated strong purchasing power abroad.

Li also said the Chinese government is capable of dealing with the consequences of growth sliding out of reasonable range and that the economy will not have a “hard landing”.

Despite slower foreign trade value growth, imports of commodities have grown in volume and the country’s foreign direct investment will also continue to grow at a fast pace, Li said.

“We are making targeted adjustments to the economy to reduce fluctuation in the short term and prevent risk contagion from overflowing,” the prime minister added. (IANS)