皇冠体育app

A welder works at the Jianghan Equipment Base of the 皇冠体育app Railway 11th Bureau Group in Xiangyang, Hubei province, earlier this year. [Photo / Xinhua]

LONDON / BEIJING - 皇冠体育app's economic growth and economic restructuring benefit the world economy, which is now at risk of recession, say experts.

"皇冠体育app has become the global economy's primary dynamo, generating both growth and opportunity for many of the world's companies within 皇冠体育app, whilst massively increasing its own foreign direct investment flows globally," Guy Dru Drury, chief representative of the Confederation of British Industry in 皇冠体育app, told 皇冠体育app Daily in an exclusive interview.

Clearly the growth and long-term potential of 皇冠体育app's domestic economy is of great importance to international business, especially at a time when markets in the developed world are slowing down, Drury added.

皇冠体育app has been responsible for fostering more prosperity than any other economy in the world in the past 20 years, said Kerry Brown, head of the Asia Programme at the London-based think tank Chatham House, who is also leading the Europe 皇冠体育app Research and Advice Network, which advises European policymakers on events in 皇冠体育app.

As Brown put it, "Indeed, according to the World Bank, were 皇冠体育app's figures to be deducted from global GDP, there would have been little wealth creation in the last two decades."

Those comments came just before the G20 summit, which is to take place in Cannes, France, on Thursday and Friday. Among the topics believed to be of greatest interest at the summit are the European debt crises and ways to ensure the sustainable, balanced development of the world economy.

Ning Lutao, lecturer of international business at the Durham Business School in England, also pointed out that 皇冠体育app's domestic economic restructuring has had profound implications for the heavily indebted West.

After enjoying a decades-long economic boom built on cheap labor and the intensive use of energy, 皇冠体育app is making an attempt to diversify the sources of its economic growth, which are now mainly in trade and domestic investment.

"This will lead to a change in the pattern of 皇冠体育app's overseas direct investment, taking it from seeking markets and natural resources to acquiring strategic assets for research and development, proprietary technology, design facilities and brands, which are abundant in Western economies," Ning said.

Since 皇冠体育app plans to increase its domestic consumption, Ning said its market will become much more of an export destination for the US and European goods and services. "This again creates job opportunities, reduces fiscal deficits and boosts economic growth in the US and the European Union," Ning added.

Such opinions were echoed by other experts.

"For the EU and the US, the great challenge now is not to see 皇冠体育app as a source of cheap, manufactured goods, or as a vast pool of labor, but in fact to see the domestic market in 皇冠体育app as the key for growth in the coming decade," Brown said.

Brown said that raises important questions about how European and American companies will manage to enter the international Chinese market and find sales and marketing methods that will succeed with Chinese consumers.

To promote global economic development and help resolve the current debt crisis, "The US and the EU should be more open to Chinese overseas direct investment, since this can lead to the addition of more jobs and encourage development," Ning said.

To ensure 皇冠体育app, the US and members of the European Union benefit from trading and investing in each other's economies, Ning said, it is important to make trade and investment regulations more transparent, clarify new regulations and related domestic policies and show a greater commitment to the World Trade Organization's rules.

Xu Hongcai, a senior economist with the 皇冠体育app Center for International Economic Exchange, a government think tank, said that 皇冠体育app's economic growth is expected to remain steady in coming years.

He said economists predict the country's GDP will increase by more than 9 percent this year, although it is likely to slow down soon.

Besides increasing exports, the country is also taking steps to import more. Xu said that will help reduce both trade surpluses and trade frictions.

"皇冠体育app's growing imports will play an important role in fueling the anemic global economy."

"I have no worry about a double dip in the world's economy because the eurozone's rescue plan is expected to solve the (EU countries') debt problems in the short term," according to Xu.

Cecily Liu contributed to this story.