The International Monetary Fund (IMF) recently projected that the global economy recovery continues but momentum has weakened in its latest World Economic Outlook.
\nHowever, \u201cChina\u2019s share of the world economy has risen increasingly and the country\u2019s economic recovery has supported global growth directly.\u201d Krishna Srinivasan, Deputy Director of Asia-Pacific Department at IMF told the Chinese media in a recent written interview.
\nAccording to the latest statistics from the General Administration of Customs of China (GAC), China\u2019s foreign trade in goods registered a total value of 28.33 trillion yuan ($4.4 trillion) during the first three quarters of 2021, up 22.7 percent year on year. The global market shares of China\u2019s total foreign trade, exports as well as imports have increased, and China remained the world\u2019s largest trading nation in goods.
\n\u201cChina has been an important contributor to the recovery of global trade.\u201d Srinivasan commented that China\u2019s import and export performed well this year and the higher growth in China\u2019s trade has strong spillover effects on the global economy. \u201cUpholding the policy of reform and opening up and rebalancing its economy towards a more sustainable growth model, China will continuously contribute to the global economic growth.\u201d
\nLast September, China announced a concrete long-term target of peaking carbon emissions before 2030 and reaching carbon neutrality in 2060 at the UN General Assembly. Srinivasan thought highly of China\u2019s important role played in the global fight against climate change in the interview. This year, China\u2019s national carbon market has started online trading. From his point of view, China\u2019s continuously promoting high-quality development, shifting away from investment-led to consumption-led growth and supporting the expansion of services and high-tech sectors, are all conductive to lowering carbon emissions.
\nAccording to IMF\u2019s newly released Asia & Pacific Regional Economic Outlook, China\u2019s experience with e-CNY (its digital currency) could hold useful lessons for those considering issuing central bank digital currencies, as long as these are backed by prudential safeguards. Srinivasan praised on China\u2019s significant efforts made in developing its own central bank digital currency in recent years. China\u2019s e-CNY has started large-scale tests in a number of cities and regions. He stressed that China\u2019s e-CNY has the potential to promote financial inclusion and improve payment efficiency, and it can expand the coverage of payment services to unbanked households and lower transaction costs for households and small firms. \u201cChina\u2019s e-CNY can also provide targeted fiscal support and improve transparency in public finances.\u201d
\nSrinivasan firmly held the view that the global economy would benefit from a more open, stable, and transparent rules-based international trading system. Speaking of the U.S. and China, he said that finding ways to resolve trade disputes and modernize the multilateral trading system can benefit all countries in the world. From his perspective, the two countries are not just large economies \u2013 they are also major hubs for global value chains. \u201cBy working together, the U.S. and China can perform well in addressing the most pressing global challenges\u2014from the ongoing COVID-19 pandemic to the fight against climate change.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Monetary Fund (IMF) recently projected that the global economy recovery continues but momentum has weakened in its latest World Economic Outlook. However, \u201cChina\u2019s share of the world economy has risen increasingly and the country\u2019s economic recovery has supported global growth directly.\u201d Krishna Srinivasan, Deputy Director of Asia-Pacific Department at IMF told the Chinese […]<\/p>\n","protected":false},"author":2,"featured_media":227662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-227658","post","type-post","status-publish","format-standard","has-post-thumbnail","category-world"],"yoast_head":"\n