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China's growth significant for global economy

China's growth significant for global economy

China's rapid growth and expanding trade have significant potential benefits for both the global and regional economies, said Horst Kohler, managing director of the International Monetary Fund (IMF) on Monday Sept. 1 in Beijing.

Kohler said during a luncheon address that China is contributing to regional growth, "as evidenced by its large and expanding role in intra-Asian trade."

"Rising imports of goods to satisfy domestic demand have made China an increasingly important export destination for many of its trading partners. The expansion of China's trade within Asia has also contributed to rising specialization of production in the region, allowing countries to better exploit their comparative advantage," said the managing director.

China's growing presence in world markets has "clearly increased competition for some producers in other countries, but it also has benefited consumers worldwide," he noted.

Kohler said China's transformation toward a market-based economy and its integration into the global economy have been "dramatic economic developments" for itself as well.

"The process of gradual market-oriented liberalization that China has followed has served the country well. And China's recent steps in line with its commitments under the World Trade Organization accession agreement have further contributed to the rapid expansion of trade and real incomes," he said.

© Scoop Media

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