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Changes and challenges with China's 30 years reform and opening up (3) |
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18:42, October 06, 2008 |
INTEGRAL PART OF GLOBAL FAMILY
In addition to enabling the Chinese to lead a better life, China''s gain in prosperity is also good for the rest of the world, former Dutch ambassador to China, Dirk Jan van den Berg said.
"Imagine that China is still closed off from the world, with a quite strained capacity to produce enough food for the Chinese people, we would be facing a completely different situation, perhaps a much more difficult one."
Argemiro Procopio, professor of international relations at Brasilia University, Brazil, said, "In the world today, poor people, who did not have money to buy shoes, buy Chinese shoes and clothes now. And those who did not have money to buy toys for their children are now buying Chinese-made toys because they are cheap."
In 1978, China''s GDP accounted for only one percent of the world economy, whereas its share rose to above 5 percent in 2007. In 1978, China''s share of global trade was less than 1 percent. In2007, its share jumped to about 8 percent.
China''s development has opened a huge market for international capital, attracting over 780 billion U.S. dollars of net foreign investment over the last 30 years. Direct overseas investment by Chinese companies had also grown substantially.
China''s development has boosted growth of the global economy and trade. With imports growing at an average annual rate of 16.7 percent since 1978, China has become the world''s third largest import market and Asia''s top import market.
China now contributes to more than 10 percent of global economic growth and more than 12 percent of global trade expansion. China''s average annual import volume is close to 560 billion U.S. dollars, generating some 10 million jobs for its trade partners, Chinese President Hu Jintao said. "The past 30 years of reform and opening-up have told us that China cannot develop itself in isolation from the world. And it is equally true that the world cannot enjoy prosperity or stability without China," President Hu said.
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