The Chinese economy achieved fast and steady growth again in 2010. Particularly impressive, China's GDP surpassed Japan's, ranking second in the world, in this year's second quarter. We can be confident, to say the least, the Chinese economy has overcome the impact of the financial crisis and stepped into all-round recovery.
China's rapid and consistent economic growth is good for the world economy. In 2010, China made an additional contribution of $50 billion to the IMF, participated in a global trade finance program for the International Finance Corporation, supported regional development banks to develop financing operations and provided aid for various countries and regions, such as currency swaps, granting credit, remitting debts and reducing or exempting tariffs. These measures helped promote world economic growth and bring confidence to countries still overcoming the financial crisis. For economic recovery, China has adopted many measures to transform its economic development pattern, such as expanding domestic demand and developing emerging industries, which also provided a huge market to other countries. Exports from other countries to China are growing fast, which is beneficial to the economic balance of the world.
The policy of opening up to the outside world has allowed the Chinese economy to achieve this encouraging progress and contribute to the world economy. This policy has never been changed or held back, even when China was facing strong trade protectionism. The economic development of China in 2010 indicates the country is strengthening its opening-up policy and not only improving its foreign investment service policies, but also expanding its overseas investment efforts.
Even as China contributes more to world economic growth, voices cry out about "China's economic responsibility." They require China to shoulder bigger responsibilities for global economic growth and force larger appreciations of the renminbi.
China is a responsible country, but it must shoulder responsibilities within its ability, instead of beyond it.
Although China's GDP has surpassed Japan and ranks second in the world, this does not mean that China has become a developed country.China's per-capita GDP is still much lower than many other countries. The purchasing power of Chinese residents is still limited, hence China is going through a major test that aims at revitalizing its economy by expanding domestic demand. Due to many other problems and difficulties, such as the development gap between urban and rural areas, outdated economic and industrial structures, overflow of international capital, intensified trade protectionism and trade frictions and shrinkage of external demand, China needs to spend more time solving these to ensure steady and sustained economic development.
China will carry through its opening-up policy, but the opening up calls for a reciprocal response from developed countries. China needs more support, instead of impractical demands. More support and more international cooperation will make China more open, while opening up will bring China better economic development, which will make a greater contribution to world economic growth.