Business / Economy

China's booming consumption is a boon for global growth

(Xinhua) Updated: 2014-02-27 14:17

From a global perspective, the rising tide of Chinese consumption also augurs well for the whole world, particularly considering the lingering shadows of the global financial crisis.

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The rich world is recovering, but at a slack pace, while the growth of emerging-market economies is faced with increasing pressure. The overall situation of the world economy remains challenging and in need of sustainable driving force.

Thus, China's greater purchasing power is of particular global significance. For starters, the country, with 1.3 billion people, has become the fastest growing export market of both Europe and the United States.

From 2000 through 2013, China imported a total of $2.57 trillion worth of goods from the European Union and the United States, which played an important role in their job creation and economic recovery.

Another example is the boom of overseas tourism. In 2013, 98 million Chinese spent $120 billion on overseas visits, respectively up 18 and 20 percent. The two figures are expected to reach $114 million and $140 billion in 2014.

All these numbers help consolidate the increasingly broad consensus that Chinese consumption will be a major driver of global growth in the future.

The rapid upswing of consumption also gives the lie to those merchants of gloom claiming that China was headed for a hard landing. It is high time that they stopped looking at the trajectory of the Chinese economy upside down.