China determined to work for quality economic growth(3)

China's growth model shift a boon to world

Globalization has given the international community a common destiny where China cannot prosper without the world, nor can the world without China.

China's economic transformation will not only take the country further toward more balanced, coordinated and sustainable development but also have a significant impact on the rest of the world, playing a bigger role in spurring global economic growth.

China's expanding domestic demand will give impetus to world economic growth. With a larger consumer market, China will import a richer variety of commodities ranging from energy and raw materials to consumer goods and services. And this will increase employment and bring vitality to others, in particular to Europe, U.S., and the emerging markets.

"The most significant impact of China's structural reform on world economy is that China will transform from a so-called 'world factory' and 'major exporter' to perhaps the world's largest consumer market," said a Chinese economist Wu Jinglian. "It will become an important force in maintaining stability and steady development of the global economy."

Morgan Stanley China has projected a golden decade for China's consumption. By 2020, the country's total retail sales will be equivalent to two-thirds of that of the United States and will account for 12 percent of the world's aggregate, it said.

China's economic restructuring and industrial upgrading will also optimize global industrial structure. Its growth will be driven mainly by strategic emerging industries and modern service industries. This transformation will push forward the industrial upgrading worldwide, therefore giving the developed economies which have advantages in technology and service more cooperative opportunities.

Jeffrey Bader, a senior fellow at the Brookings Institution and former senior director for East Asian affairs on the U.S. National Security Council, said countries and enterprises gained enormous benefits from trading with China, which has become an important player in the global trade system.