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China contributed 30% to the world’s economic growth

China contributed 30% to the world’s economic growth in the last decade, noted the People’s Bank of China (BPC).

The BPC is the central bank of the People’s Republic of China with the power to control monetary policy and regulate financial institutions in mainland China.

As the world’s second-largest economy, China averaged 30% in real contribution to world economic growth over the past decade.

China is no longer a passive recipient of the spillover effect of advanced economies’ macro policies and has its own macroeconomic policies that manifest such an effect, the BPC said.

Furthermore, he added in a recent report, China has been pursuing conventional monetary policies since 2020, and is one of the few major economies to do so.

For the BCP, conventional monetary policies have the following three characteristics:

Interest rate remains within the normal range, without falling to zero or in negative territory.

The central bank’s balance sheet is basically stable, and the banks’ market-based money creation function is brought into play normally and effectively.

Money and credit growth rate is well below level during responses to the global financial crisis in 2009.

Economic growth

“As a whole, China fairly manages a long-term balance of boosting growth and preventing risks by pursuing conventional monetary policy,” the BPC said.

In 2020, argued the BPC, with an economy growth of 2.3%, China is the only major economy that has achieved positive growth, which leads to driving a global economic recovery and promoting the normalization of monetary policies in other major economies.

Chinese optimism

From the perspective of the BPC, China’s economy has shown a steady recovery, with steady strengthening and steady improvement, the quality of supply has increased, demand has continued to recover, market vitality has been continuously released, guaranteed employment and people’s livelihoods, and high-quality development has achieved new results.

In the first quarter of 2021, Gross Domestic Product (GDP) increased 18.3% year-on-year and the two-year average growth rate was 5.0 percent.

To conclude, the consumer price index (CPI) remained stable year-on-year and the growth momentum of import and export trade remained stable.

 

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