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China adds wisdom and strength to next G20 summit

Updated: 2015-12-17 22:16
By Shi Zehua (english.cntv.cn)

On December 1, Beijing started preparations to host next year's G20 Summit. As the world's largest developing country, Beijing must impress on the world stage.

Accordingly, Beijing had shouldered much of the responsibility for the world's economic growth patterns. Between 2009 and 2011, China had accounted for more than 50 percent of overall economic growth worldwide.

But now, global economic growth rates have weakened; financial markets volatility has risen, trade and investment remain low, while high unemployment rates persist.

Such imbalances are plaguing national economic trends that prevent further macro-policy coordination among countries. Accordingly, the world economy is calling for new momentum and the 2016 G20 Summit will be highly-anticipated.

Beijing is hoping to capture a stronger voice in the world's economy, to shift the out-dated patterns of world economy; to guide world economic development and political order.

China has already made adjustments to promote sustainable development, while continuing to act as the world's economic engine of growth. Beijing endorses regional investment and infrastructure construction to inject new vitality to the globe.

Beijing is engaged in global governance to ensure fair, just, inclusive and orderly construction.

China's economic growth and development help push away old patterns of the world economy.

China's economic contribution to the world economy remains its first priority. China's economy is undergoing structural adjustments. GDP (gross domestic product) growth rates are slowing down compared with double-digit growth rates in prior years.

However, China's economy remains an important source of growth for the world. China's contribution to world economic growth output has reached 30 percent.

In his speech at the G20 Summit in Turkey last November, Chinese President Xi Jinping said the national economy this year is expected to achieve a 7 percent annual growth rate, which is equivalent to the annual GDP of a medium-sized nation.

When taking total cumulative GDP figures into consideration, China's economy is much larger than before. A 10 percent growth rate 5 years ago would be about 7 percent in today’s cumulative GDP numbers.

Former Canadian Deputy Finance Minister Thomas Bernes held similar views. He said that 6 to 7 percent growth rates of China's economy today would actually represent a 10 percent growth rate five years ago.

In order to promote sustainable growth in "the 13th Five-year Plan", Beijing has launched policy initiatives to deepen reform, propose innovations, enhance coordination, go green along with opening and sharing its concepts.

The five development philosophy would alter the quality of economic development. Meanwhile, Beijing has proposed to double the size of its GDP and per-capita income levels for urban and rural Chinese residents from 2010 figures by the year 2020.

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