Commentary: China transition a boon for global growth

Uzbek cotton, Chilean wines, Brazilian soybeans, Ecuadorian seafood, American movies, Japanese robots or German electric cars: All have one thing in common -- Chinese consumers just cannot get enough!

More and more countries are discovering an ever-expanding market for their exports as China's increasingly prosperous 1.4 billion people start to consume more.

With China evolving from merely the world's workshop to an influential global consumer of goods and services, its economy will provide a boost for developing and developed countries, particularly as the world economy remains mired in subdued growth.

China's changing role stems from its economic transition.

Rapid growth over the past few decades has elevated China to the position of the world's second-largest economy, showering benefits on nations worldwide as well as the country's own people.

But the export-driven and investment-led growth model, which once propelled development, has reached its limits. Emerging problems -- high debt levels, industrial overcapacity and environmental degradation at home and sluggish global demand -- mean the economy must be directed along a more sustainable path.

The answer lies in consumer spending, services and technological innovation.

Such a transition is bound to be painful and protracted. As the country trades quantity for quality, double-digit growth rates will no longer be easy to achieve.

Pessimism may prevail as China's growth decelerates, while worries about its economic future abound. The anxiety from outside is understandable, but it is more advisable for people to stop complaining and take time to look at the Chinese economy in perspective.

Slower, maybe, but the additional dollars of demand that China brings to the global economy are still considerable. Its newly-added economic output in 2015 was equivalent of the whole Turkish economy.

China has been trying to engineer a managed slowdown, pressing ahead with reforms without stalling the economy, which requires leadership skills, vision and courage.

There are plenty of indications that China is progressing in the right direction. Despite the moderation of growth, the economy fared at a stable rate, with mild consumer inflation and sound employment data.

The transition is under way. As heavy industry and traditional manufacturing wrestle with slowing demand overseas and overcapacity at home, new engines are humming: Social media, cinemas, travel and R&D are driving the consumption, services and high-tech sectors.

Growing demand from Chinese consumers is set to continue, with which will come more services, imports and new investment opportunities for the world economy.

Together with ambitious projects, such as the Belt and Road initiative and the Asian Infrastructure Investment Bank, the ripples can be felt across the planet.

As President Xi Jinping put it, China is capable of maintaining a healthy growth rate for its economy, and welcomes other countries to hitch a hike on the Chinese express train of development. Endi