China Will Remain Most Stable Engine Of Global Economy: FM

BEIJING, March 8 (Bernama-Xinhua) -- China will remain the most stable engine of the global economy, Chinese Foreign Minister Wang Yi said on Sunday, reported Xinhua.

Over the past five years, China's economy has grown at an average annual rate of 5.4 per cent, accounting for around 30 per cent of global growth, greater than the contribution of the Group of Seven combined, Wang said at a press conference on the sidelines of the ongoing session of the national legislature.

As the world's largest potential consumer market and the biggest emerging economy, China has better conditions supporting a positive long-term outlook and a stronger trend of sustainable growth, said Wang.

Noting that a country's greatness lies in serving the greater good, he said China will expand high-standard opening up and act not only as "the world's factory" but also "the world's market."

"China is strongly committed to supporting trade and investment liberalisation and facilitation, keeping global industrial and supply chains stable and smooth, upholding the WTO-centred multilateral trading system, and defending a fair and open economic and trade order," Wang said.

The world can count on China to deliver new contributions to strong and sustainable global growth, he added.  

On another front, he said the Global Governance Initiative (GGI) proposed by China could not be more timely, which quickly received support and responses from more than 150 countries and international organisations.

The GGI fully meets the common expectations of the international community and reflects the shared aspirations of people from all countries.

Wang said the most clear-cut signal from the GGI is that the leading status of the United Nations (UN) must be upheld, not challenged; the central role of the UN must be strengthened, not weakened.

"Without the UN, the world would be worse," the foreign minister said.

Creating parallel structures outside the UN or, worse still, putting together various exclusive blocs and circles is unpopular and unsustainable, he said.

As a founding member of the UN and a staunch defender of its cause, China calls on more countries to participate in and support the GGI, and to work together to revitalise the UN, defend the UN and make the UN stronger, according to Wang.  

--BERNAMA-XINHUA