Chinese economy plays vital role globally: WTO economist

china-economy

The Chinese economy is a vital player in global landscape and its rapid growth is a huge motor for global expansion, a senior economist with the World Trade Organization (WTO) has told Xinhua.

“Since the middle of the last decade and calculated on a purchasing power parity basis, China has contributed more to global growth than any other economy in the world,” said Robert Teh, acting director of the Economic Research and Statistics Division of WTO, in a recent written interview with Xinhua.

He said that China, being a major exporter and importer, provides a large and affordable supply of goods that improve the life of consumers and households worldwide, and serves as a major source of demand for the rest of the world.

China is the largest market of exporters from Least Developed Countries (LDCs), with 23 percent of LDCs’ total exports going to China in 2012, up from 9 percent in 2000, Teh said.

China also played an important role in the global commodity markets, accounting for about 20 percent of non-renewable energy resources, 23 percent of major agricultural crops, and 40 percent of base metals, he said.

The increases of Chinese demand for food and primary commodities have been a big reason for higher commodity prices that have benefited exporters of these products, he added.

As for China’s role in global supply chains, he said China is both a leading exporter and importer of intermediate goods, accounting for roughly 14 percent of world exports of non-fuel intermediate goods and 13 percent of imports of non-fuel intermediates.

The new Chinese leadership has outlined its vision of giving the decisive role to market forces in the allocation of resources, Teh said.

“We also expect a shift toward internally generated demand. This means there is ample scope for efficiencies to be wrung from the economy thus providing a solid and sustainable basis for future growth,” he said.

“Even if growth slows somewhat as China’s economy matures, greater reliance on domestic demand could mean a better quality of life for Chinese citizens, since it would provide them with increased consumption opportunities,” he added.

 

 

Source : China Daily | October 1, 2014

Thomas D’Innocenzi

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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