Rising economy requires China to assume larger responsibility in global governance

By Hu Weijia Source:Global Times Published: 2018/3/7 22:33:39

China's economy is expected to overtake that of the eurozone in 2018, which means it has to assume more responsibility on global issues. China's GDP is forecast to reach about $13.2 trillion this year, beating the $12.8 trillion combined total of the 19 countries using the euro, Bloomberg said Wednesday.

In 2013-16, China's annual average contribution to global economic growth stayed above 30 percent, more than the contribution by the US, eurozone and Japan combined.

China has become too big to simply comment on global issues from the sidelines. The country's huge economy makes it an important participant in the global market. China must engage itself further in the international economic system to provide more public products to the global community. This is a reality we cannot evade.

Liu Yongfu, director of the State Council Leading Group Office of Poverty Alleviation and Development, said Wednesday during the two sessions that cooperation in poverty alleviation could be strengthened under the framework of the Belt and Road (B&R) initiative.

Social welfare is an effective way to reduce poverty in developed countries, while development itself is the real engine that can successfully lift less-developed countries out of poverty. The B&R framework can serve as a new platform to bring more development opportunities to underdeveloped countries and regions along the route and raise living standards in those economies.

As the world's second-largest economy, China must be at the forefront in taking on more responsibility for global economic governance. For instance, with a bigger role being played by China in international trade, the country is speeding up its process of fostering a high-standard global free trade network. It seems the country is unlikely to shut the door to multinational corporations, as China's economy transitions toward a consumption-led growth model.

China has no intention to seek hegemony or subvert the global order. The government has reiterated China will stick to the road of peaceful development and will never become a threat to other nations. China's rise will not be a smooth process due to the complexity of global geopolitics. But we believe China won't use this as an excuse to evade its obligations.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn


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