Chinese School - Chinese robust economy contributes greatly to world economic growth

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��Home>>China Observer

Chinese robust economy contributes greatly to world economic growth

www.chinanews.cn 2007-04-29 17:05:59

Chinanews, Beijing, Apr. 29 �C The United Nations (UN) recently issued
the "Economic and Social Survey of Asia and the Pacific for the year of
2007". It says that in 2006, Chinese economy grew at a rate of 10.7%,
which made China the largest contributor to world economy since 2000.
This year, Chinese economy is expected to grow by 9.9%. Despite this
slight slowdown, China will still play an important part in economic
growth in the Asia-Pacific region, the People's Daily Overseas Edition
reported.
Chinese economy has a great influence over world economy. If calculated
by purchasing power, China's economic growth accounts for one-third of
the world's total. Chinese economy has not only boosted world trade and
economic growth, it has also played an important part in reducing global
inflation, said an economist from the United Nations Economic and Social
Commission for Asia and the Pacific.
Since 1990, Chinese export volume has increased by nearly 700%. Among
them, export of toys accounts for 90% of the world��s total, and the
export of clothes and electronic products accounts for 50% and 16% of the
world��s total, respectively. From 2001 to 2005, as a result of cheap
Chinese export products, inflation rate was down by 0.28 percentage point
in the United States, 0.37 percentage point in the European Union, 0.70
percentage point in Singapore, and 0.65 point in Japan. In addition, as
China had bought many US treasury bonds, the interest rates for US
treasury bonds were able to keep at a relatively low level. From 2001 to
2005, the interest rates for the ten-year US Treasury Note were reduced
by 0.15 percentage point year on year.

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