China News Agency, Beijing, September 30 (Reporter Pang Wuji) Lin Yifu, Counselor of the State Council of China and Honorary Dean of the National Development Research Institute of Peking University, said at the State Council Information Office a few days ago that China's greatest contribution to world economic growth is itself. Maintain a relatively stable and rapid growth.
He believes that China's annual contribution to the world economy can still be maintained at about 30% or higher.
Lin Yifu believes that China's "double cycle" is beneficial to both China and the world.
He pointed out that in the process of domestic market expansion, China will provide a larger market for the international economy, which will stimulate the development of other countries.
At the same time, as the Chinese market expands and develops, the demand for foreign natural and technological resources will also increase, which will provide other countries with an important source of power.
As China's comparative advantages change, Lin Yifu believes that in the future, China's imports will be more inclined to resource- and labor-intensive products, while exports will be more inclined to capital and technology-intensive products.
But he believes that this will not squeeze out existing capital, technology-intensive product exporting countries' export opportunities.
From the 1980s to the 1990s, 70% of international trade was trade between developed countries.
Lin Yifu pointed out that according to different technical fields, various countries produce certain products according to their own specialization and then trade with each other.
When China becomes a high-income country, it can also specialize in high-tech products and then trade with other countries.
Moreover, there is a basic rule in international trade. When a large economy trades with a small economy, the benefits of the small economy will be greater than the benefits of the large economy.
He pointed out that since 2008, China's average annual contribution to world growth has been around 30%.
Now the world economic growth is slowing down, and China's economic growth is slower than in the past, but relative to the world, China may still be the best and fastest growing country.
It is believed that the annual contribution to the world can be maintained at about 30% or higher.
Lin Yifu believes that China's development will help the world overcome unilateralism and trade protectionism.
As long as the Chinese economy continues to maintain a relatively rapid growth and continues to open up, it will encourage other countries to understand the benefits of globalization and help other countries to develop better.
(Finish)