About 25 percent of the increase in the global gross domestic product (GDP) in the last 10 years has come from growth in China's economy, Goldman Sachs's research data showed.
The data came from a project launched by Goldman Sachs' economic research team in London 10 years ago, according to Abby Joseph Cohen, President of Goldman Sachs Global Markets Institute and Senior Investment Strategist.
Cohen said at the annual executive summit held by the China Institute in New York City on October 29 that research data shows that China's contribution to the global economy from 2000-09 was slightly higher than that of the United States, and domestic demand in China has grown faster than overall demand. "This is an extraordinary accomplishment," she said.
Cohen pointed out that both China and the United States are big exporters and conflicts between these two countries won't help the current state of the global economy. While U.S. politicians have been tougher on blaming China for imbalanced bilateral trade, Cohen said the biggest concern about exports for the United States "is not currency, not our dynamic trading customers in many places around the world, it's the weak picture in Europe that created our biggest concern."
Europe's contribution to the global GDP was only one third that of the United States', presenting a rather weak picture for the euro zone, said Cohen.
(Reporting from New York)