China is an “engine” of the world economic growth. In the era of economic globalization, economic development in China has much to contribute to global economic recovery and growth. This was particularly true during the period of financial crisis. While developed countries suffered from recession, China quickly restored economic stability and maintained fast growth. This has enhanced the confidence of all countries in tiding over the international financial crisis. China contributed to over 50 percent of global growth. This year, according to the World Bank, with double-digit growth in China, it will contribute 25 percent of global growth, making it the leading engine of the global economy for two years running.
China is in the process of rapid industrialization and urbanization. Its modernization drive is forging ahead. Given its huge population and vast domestic market, it’s fully capable of maintaining steady and rapid economic growth of 8-9 percent annually in the next five years, driving global economy.