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China: Engine for world economy

Updated: Nov 12,2015 4:52 PM

Yuksel Gormez, a senior economist at the central bank of Turkey, said ahead of the G20 summit that China has become the engine for world economic development.

The statement is based on an understanding and analysis of the current situation of the global economy, Gormez told People’s Daily at Ankara, capital of Turkey. The G20 summit is scheduled to be held in Antalya, Turkey, on Nov 15-16.

According to Gormez, the world economic situation is more difficult and complicated than ever, featuring a lack of drivers for growth. China’s economic development has not only benefited Chinese people, but also become an important engine for the recovery of the global economy, said the economist.

China has continued to bring positive influence to the world economy, Gormez said.

He said that China is investing in wider areas overseas, including high-speed railway, electricity, and clean energy, since China has the vast construction experience, technology and human resources. The nuclear energy cooperation between China and Britain has set a good example for China’s overseas investment.

China can also attract more foreign investment to improve its standard and capability in related industries, he added.

Gormez spoke highly of China’s Belt and Road Initiative, saying that it’s a big move for boosting global development.

The initiative refers to the Silk Road Economic Belt and 21st Century Maritime Silk Road, which would use trade and investment to boost ties along the ancient trade routes and elsewhere.

The initiative shows that China has become more active in participating in the world economy, Gormez said, adding that it will bring real benefits to countries along the route and achieve the goal of joint development.

Gormez said that he expected China to play a more important role in improving the status of emerging economies and developing countries in establishing a fair, inclusive and orderly international finance system.

The Asian Infrastructure Investment Bank, initiated by the Chinese government, plays an active role in financing infrastructure projects, and it’s a good example of a new international finance system, Gormez said.

The upcoming G20 summit is expected to achieve fruitful results in free trade, improving investment environment, so that the global economy will recover as soon as possible, he said.

As the world’s second-largest economy, China is expected to play a more important role in propelling global economic growth, he said, and expressed his belief that China will become a real leader in international affairs.