China Voice: China still powerhouse of world growth

With the emergence of positive structural changes and new drivers for growth, the Chinese economy may be slowing but it's far from the end of the world.

Since the global financial crisis, China has served as an important stabilizer of the world economy and contributed the most to world growth.

Between 2009 and 2014, China registered an annual GDP growth of 8.7 percent, taking a share of more than 30 percent in total global growth, much higher than the United States' 18 percent.

Although China has geared down to a medium-high level of growth, which the government calls the "new normal," its 7-percent growth in the first half of this year still represented around 30 percent of global growth.

Steady Chinese growth in recent years has become a significant engine of the global economy, with constantly rising imports, outbound tourists and direct investment in other countries.

Despite the slowdown, the economic fundamentals are still sound. In the first eight months of 2015, industrial production, consumption, property sales and employment all held steady, providing a solid foundation for growth.

Meanwhile, the country's economic structure is becoming more sustainable and new drivers for growth are coming into being.

The economic structure is increasingly dominated by the service sector and consumption, in a very different situation from its previous over-reliance on the industrial sector and investment.

In the first half, the service industry accounted for 49.5 percent of China's total GDP, the industrial sector 43.7 percent. Consumption contributed 60 percent of the country's economic growth in the period.

New driving forces are also emerging as the government pushes ahead reforms to unleash the potential of private capital and promote mass entrepreneurship and innovation, as well as new strategic sectors including environmental protection, biology, new materials and new-energy cars.

Measures to streamline administration and simplify business registration have resulted in a surge in new businesses. In the past one and a half years, more than 10,000 companies were registered each day in China.

Looking ahead, China will continue to be the powerhouse of world growth and will help bring the global economy back to health.

The country's steady growth and rising residential wealth will provide a huge market for the world, with more and more consumption in areas outside daily necessities, including information technology, tourism, education and old-age care.

The National Bureau of Statistics forecasts that China's consumption will exceed 10 trillion U.S. dollars by 2025, a golden opportunity for companies around the world.

China's move to upgrade factories will also mean a great need for advanced technology, high-end equipment and parts from other countries.

In the meantime, the country takes an open attitude toward sharing its development opportunities with the rest of the world.

China was, is and will continue to be a global economic powerhouse. Endi