国际英语资讯:Economic Watch: Chinas high quality growth underpins world economic recovery_时事

国际英语资讯:Economic Watch: Chinas high quality growth underpins world economic recovery

"The Chinese success story is deeply intertwined with the fortunes of the world economy," said David Lipton, IMF first deputy managing director, at a recent forum in Hong Kong.

The world's most populous nation has always been a key market for international companies, but the country's shift toward a consumption-driven economy has made the market even more important.

The contribution of consumption to economic growth reached 58.8 percent, up from 51.8 percent for 2017. At the same time, the Chinese increasingly crave products and services of better quality, creating opportunities for international brands.

"The rising purchasing power of China's middle class and their increasing tendency to accept new brands -- domestic or international-- will reshape the country's consumption market and inject new vitality to growth," said Lu Feng, director of China Macroeconomic Research Center with Peking University.

The global recovery in 2017 was also helped by a rebound in trade. Despite rising anti-globalization sentiment, China has been an active promoter of foreign trade, with its total goods trade volume accounting for 8.8 percent of the world in the first 11 months of 2017, according to World Bank data.

Trade volume reversed the downward trend seen in the previous two years and contributed about 9 percent to China's GDP expansion in 2017, NBS data showed.

"As a trading nation, China is a key partner for over 100 countries: countries that represent 80 percent of global GDP. It is the hub of global supply chains, a magnet for commodity exporters, and a source of final demand," Lipton said.