China Voice: China new bedrock of world economy

When Chinese President Xi Jinping told U.S. business leaders that China can provide a broad market and solid support for the world economy, his reassurance was built on solid ground.

The president expounded on Beijing's plan for the next five years, the 13th five-year plan, which includes an overhaul of the industrial structure, more innovation, modernization of agriculture, low-carbon development and streamlined administration.

China's economic fundamentals are solid and long-term steady growth will continue.

China contributed roughly 30 percent to world growth in the first half of this year, as much as could reasonably be expected considering the current intricacy and volatility of the global economy.

Growth of around 7 percent would keep China on track to meet its target of doubling 2010 GDP and per capita income by 2020 when the 13th five-year plan ends.

With household savings high, huge potential for increased consumer spending and a growing middle class, China can maintain medium-high growth for years.

As the world's largest commodity trader and the largest trade partner of more than 120 countries and regions, China's stable demand for energy, raw materials and hi-tech products will feed both developing and developed exporters.

In the first eight months, China's imports of refined and crude oil increased 4.1 percent and 9.8 percent year on year, despite the fact that foreign trade slipped 7.7 percent.

China also becomes a net exporter of capital. Outbound direct investment will continue to fund infrastructure, especially in developing countries.

Demand for better products and services and an appetite for travel will contribute to the local economies of tourist hotspots from Machu Picchu to Norwegian fjords.

The Chinese economy is resilient with plenty of potential. The new drivers are gaining traction, and the world's second largest economy will continue to power global growth. Endi