He points out that reforms should also continue for the necessary rebalancing of the economy from excessive reliance on investment to household consumption becoming the key driver of economic growth and rising living standards.
China's economy expanded 6.9 percent in the first half of 2017, with consumption and services, and new innovation-driven economic sectors taking up larger roles, according to data from the National Bureau of Statistics.
GREATER CONTRIBUTIONS
"In the last five or ten years, more than one-fourth of the world's economic growth has come from China alone, and that's a big stabilizing factor," said Contractor.
In face of the trend of de-globalization in western countries, the professor expected China to play a more crucial role in global economic development.
"Unfortunately we're in an era where in the countries like the United States and Europe, there is a lot of introspection, inward looking, angst (towards globalization)," Contractor said.
"To maintain the path of progress for humanity economically and socially requires a country like China to take the leadership position in setting the rules," said the expert, who has been visited China for many times.
In terms of international business, "whether it is exports or foreign direct investment, you also need leadership. While the west is in a state of self-questioning, China can play a role," he said.
【国内英语资讯:Spotlight: IMF raises China 2017 growth forecast due to its progress in economic reform】相关文章:
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