Economy

China to be biggest engine of global growth

(Xinhua)
Updated: 2011-06-27 09:46

BEIJING -- China will become the biggest engine of global economic growth in the next few years, claimed Zheng Xinli, Permanent Vice Chairman of China Center for International Economic Exchanges, on Sunday.

Zheng made the remarks at the ongoing Second Global Think Tank Summit, organized by the center from June 25 to 26.

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He said the country's imports may reach $1.8 trillion this year and total imports in the next five years will amount to $12 trillion. Meanwhile, the domestic market will expand rapidly as consumption continues to speed up with the transformation of the economic growth mode.

He estimated that China's domestic market sales will continue to rise the next five years from $15 trillion last year.

Zheng said the country will also use part of its huge foreign reserves for overseas investment, which will help create jobs and promote economic recovery in invested countries and regions.

As long as developing countries including the BRICS grouping (Brazil, Russian, India, China and South Africa) accelerate industrialization and urbanization, and cooperate with developed countries, the global economy will recover and track toward a stable, long-term and sustainable development path, he said.