China’s economic growth has slowed in recent years, but its contribution to the world economy remains significantly more than that of other countries, which signifies the vital role it has played in maintaining global economic vitality, say analysts.
China’s GDP growth was 6.9 percent in 2015, the slowest in 25 years. In the first half of 2016, it registered an even lower GDP growth of 6.7 percent, and the International Monetary Fund forecast in July that China’s GDP growth this year could be 6.6 percent, triggering concerns that the country might be caught in the low-rate growth trap for some time.
Relative to other countries, especially the developed ones, however, China’s growth is quite impressive and it has continued to make a significant contribution to global growth. In the 1980s and early 1990s, emerging market economies started playing a larger role in global growth, contributing about 25 percent to world economic growth. From the late 1990s until now, emerging-market economies have contributed about 70 percent to global economic growth, with China’s contribution estimated at about 30 percent, says Wang Guangqian, president of the Central University of Finance and Economics.
Although estimates vary, researchers generally agree China’s contribution to global economic growth in recent years ranges from 25 percent to 40 percent. From 2011 to 2015, China’s average GDP growth was 7.3 percent while the global average was only 2.4 percent, with the United States, Japan and Germany registering 2.4 percent, minus 0.1 percent and 1.6 percent growth, says Wan Xiangyu, a researcher at the Institute of Quantitative and Technical Economics of the Chinese Academy of Social Sciences. During that period, he says, China contributed 25 percent to global GDP growth.