Commentary: World to watch spillover effect of "Two Sessions" amid closer ties with China

China's upcoming "Two Sessions", to be held at a time when the world's second largest economy is put under the limelight, are expected to have a spillover effect on the world, with which China is having closer ties.

The fourth session of the 12th National People's Congress (NPC), the country's top legislature, and the fourth session of the 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, will open on March 5 and March 3, respectively.

The annual sessions, during which a government work report is presented, are usually considered as signposts of the Chinese economy.

This year's "Two Sessions" has attracted unusually high attention because 2016 marks the beginning of China's 13th five-year plan and sees the Asian giant standing at a crossroad where it is deepening its reform.

On these two important occasions, topics such as China's growth target, fiscal budget, monetary policy, exchange rate policy and reform strategies are expected to be hot-spot issues with far-reaching implications.

There is speculation that the Chinese economy will remain stagnant and China should be blamed for the volatility of the global financial market.

However, those with a pessimistic view of the Chinese economy fail to see the fact that despite a lower-than-before annual growth rate of 6.9 percent, the country's gross domestic product (GDP) still increased by 648.5 billion U.S. dollars in 2015, almost equaling the total GDP of Saudi Arabia.

Moreover, although China's annual GDP growth rate has been below 8 percent since 2012 and reached 6.9 percent last year after maintaining about 10 percent in the past 30 years, it still ranks the first among major economies and China's contribution to global economic growth is up to 25 percent.

In fact, China's growth slowdown is caused by its transformation from an investment-led model to a more balanced and sustainable one.

In 2015, consumption contributed 66.4 percent to China's GDP in 2015, up 15.4 percentage points from 2014, reaching the highest level since 2001. Meanwhile, the service sector contributed 50.5 percent to the economy, 10 percentage points more than manufacturing. It was the first time the service sector exceeded 50 percent.

China still is the driving force of the world economy and its economic transformation is benefiting the world. For example, the great purchasing power of Chinese consumers has revitalized many economies.

Moreover, China's pursuit of win-win cooperation and common development through the "Belt and Road" initiative, the establishment of the Asian Infrastructure Investment Bank and other moves has also benefited the world.

It is hoped that China and the world can benefit more from their increasingly closer ties by cooperating within multilateral frameworks such as the G20 to inject greater dynamism into the global economic recovery. Endi