`China to lead world growth in next years’
China will contribute more than half of the world’s gross domestic product (GDP) growth in 2009 and will continue to lead global growth, says Zhu Min, a vice-governor with the People`s Bank of China.
Beijing: China will contribute more than half of the world’s gross domestic product (GDP) growth in 2009 and will continue to lead global growth in coming years, Zhu Min, a vice-governor with the People`s Bank of China, said on Friday.
The world`s third-largest economy is expected to grow by at least 8 percent this year after marking 7.7 percent annual growth in the first nine months and showing signs of picking up since then, boosted by a massive government stimulus plan.
"It will be the first time in the last 50 years for a developing country to lead the world economic growth," Zhu told a financial conference.
The trend of Asia, and notably China, serving as an engine of growth instead of the US and Europe would continue, he added.
However, China`s manufacturing industry would face increasing pressure as developed countries are trying to regain strength in advanced manufacturing partly to create more jobs, he noted.
"On the other hand, developing countries are moving rapidly to develop low-end manufacturing, posing huge challenges to Chinese manufacturers," Zhu said.
According to the Asian Development Bank, Chinese economy will expand 8.2 percent in the current year.