IMF report shows int'l community's confidence in China's economic growth: FM spokesperson

(ECNS) -- The IMF article published recently shows the international community’s confidence in the prospects of China’s economic growth, said Mao Ning, the spokesperson for China's Ministry of Foreign Affairs, at a press conference on Thursday.

The IMF noted in its article that “the Chinese economy is now expected to contribute a quarter of global growth this year” and “that’s good news for China and the world.”  

Despite growing risks in the world economy and surging undercurrents of protectionism, China has been committed to opening-up and has opened its door even wider to the world, Mao said.

Last year, China’s foreign trade hit a new record and China has been the world’s largest trader in goods for six years running. China is also actively engaged in multilateral cooperation, according to the spokesperson. 

Since China put forward the Belt and Road Initiative (BRI) a decade ago, China has signed Belt and Road cooperation documents with 151 countries, Mao said.

Over the past year since the Regional Comprehensive Economic Partnership (RCEP) came into force, China’s total import and export volume with other RCEP members reached 12.95 trillion yuan, up by 7.5 percent year-on-year. China’s import and export with eight RCEP members registered double-digit growth, adding a strong boost to the regional economy, she added.

Some Western developed countries, however, have been building “small yards with high fences” and advocating decoupling and disruption of industrial and supply chains, Mao said.

"They imposed additional tariffs to 'rectify trade deficits', restricted foreign investment to 'defend national security', and put in place technological blockade to 'protect intellectual property'. In a highly interdependent world, protectionist moves will boomerang, and practices of decoupling and supply disruption are neither feasible nor sustainable. China will stay on the course of high-level opening-up and work with the rest of the world to help each other succeed and usher in a better future," she said.