China faces opportunities when the global economy steps into a new transformation period with a low growth rate, according to experts at a quarterly world economy seminar held by the China Center for International Economic Exchanges (CCIEE) on Thursday.
The world economy has been sluggish since the global financial crisis in 2008.
According to a world economy outlook report issued by the International Monetary Fund on July 18, this year's global economic growth rate is expected to be 3.1 percent, which is 0.1 percentage points lower than IMF's forecast in April.
Meanwhile, global investment growth is expected to reduce to between 10 and 15 percent this year, from 38 percent last year. And even 38 percent investment is the highest in the past few years, as major growth is concentrated in developed countries. There was a $735 billion investment outflow in developing countries last year.
"As global economy lacks effective demands and potential growth momentum, apparently risk overweighs opportunity globally," said Zhang Yansheng, chief researcher of CCIEE.
But China faces opportunities under current economic situations. Despite the sluggish global economy, the IMF has upgraded the forecast of China's economic growth twice this year to 6.6 percent. which is driven significantly by the global economy.
According to Pei Changhong, director of the Institute of Economics at the Chinese Academy of Social Sciences, the global economy is turning into an inclusive and sharing economy that benefits more people, moving away from being monopolized by a few countries and huge transnational corporations, creating important strategic opportunities for China.
Experts suggest China should seize the opportunities during the global economic transition period to improve the open economy and play a more important role in the global governance system.
Internationalization of the RMB, as the currency of a developing sovereignty state, intends to become the supplementary tool of global resource distribution, which may influence the pattern of global economy.
In addition, the pilot project of free trade zone and the Belt and Road Initiative are also good exploration to achieve that goal.
