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China Is Evolving from a world factory into a world market


By Xu Wei & Li Chengjian, DRC


In 2016, China’s economic growth stood at 6.7%, among one of the fastest growth level in the world.

China’s economy is an important engine of the world economy. According to World Bank statistics, China’s economy makes the major contribution to the world economic growth. China’s domestic demand growth has boosted the global economy, and China’s consumption growth has also increased global demand for goods and services, and the proportion of China’s service import volume in global trade has also witnessed a rapid increase.

China’s economic development will bring more benefits to the world. During the 13th Five-Year Plan period, China’s per-capita GDP is expected to increase by around 30% along with China’s enlarged external demand. China will actively create an open and win-win trade and investment environment, relax restrictions for foreign investment on market access, promote fair competition, and share in the fruits of economic development.

China’s economic restructuring and upgrading will make more contributions to the world. With the increasingly close global economic exchanges, trade frictions and conflicts of interest are inevitable.Without an equal dialogue system, it is difficult to solve contradictions on a fair basis, and it is not conducive to the sustainable development of economic globalization. China will, together with other developing countries, actively participate in global governance, create a favorable external development environment and enhance its role in the global value chain division and mid-to-long term development potential. China will increase human capital investment, flesh out industrial transformation and consumption upgrading potential, improve the development environment of enterprises and activate the vitality of microcosmic entities. China’s economic growth will provide a broader market for the world and make everlasting contributions to the world’s economic growth.