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 international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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