China will play an important role in the post-pandemic recovery of the global economy, China-Belgium Chamber of Commerce President Bernard Dewit told Xinhua in a recent interview.
The pandemic has disrupted many global supply chains, Dewit said, and has also impacted production, restricted travel and caused a lot of anxiety around the world. However, China has achieved positive growth during the pandemic and has become the second largest economy in the world.
According to Dewit, several international institutions believe that Chinese economic growth should accelerate, which, in turn, will inject a strong impetus into the global economic recovery.
The International Monetary Fund (IMF) predicted last November that the Chinese economy will grow by 4.4% in 2023. As a result, Dewit said, China will remain an important support for global industries and supply chains to return to normal operations.
This is all-important in stabilizing the global economy, he noted.
China is also a major player in global value chains, Dewit said, and therefore has a significant impact on global manufacturing, transportation and logistics sectors.
The country accounts for nearly 30% of global manufacturing trade and an even larger share of many intermediate inputs in the global value chain that are essential for production.
China has managed to recover well from the impact of the COVID-19 pandemic, thanks in part to strong government stimulus measures and effective pandemic control measures, Dewit said.
China’s ongoing economic reform and opening-up policies, along with the country’s expanding middle class and rising consumption, are expected to boost economic growth.
Overall, while there is uncertainty in the near term, China’s long-term economic outlook is generally considered positive, he noted.
As China is a major global economic player and a significant consumer of goods and services, a strong and stable Chinese economy will benefit everyone, added Dewit.
China is a strong advocate of the open global economy, he said, and urges the international community to strengthen solidarity and cooperation, further improve the global governance system and work together to find solutions to global issues. The country also strongly advocates the development of a shared world market.
From an economic standpoint, Dewit said, the decoupling of the US and Chinese economies could be detrimental to both countries.
The disruption of economic ties between the two countries is likely to raise costs for businesses and consumers and could slow global economic growth, he said.
It would also be difficult to implement in practice, Dewit said, as both economies are integrated and have many areas of mutual benefit.
Meanwhile, trade between the European Union (EU) and China has grown rapidly over the past decade and is expected to continue to develop in the coming years.
China and the EU also cooperate in other economic areas such as investment, technology transfer and sustainable development, Dewit said.