Editor in Chief: Moh. Reza Huwaida Tuesday, June 25th, 2019

China’s Further Opening Up to Boost Global Economy: U.S. Expert

China’s Further Opening Up  to Boost Global Economy: U.S. Expert

NEW YORK - China’s further opening-up of its markets to foreign imports and investment will not only propel growth forward in the country but also boost the global economy, said a renowned U.S. expert.
China’s measures for further opening-up will have ramifications that “are as profound as” the country’s opening of its trade policy regime and accession to the WTO two decades ago, Sourabh Gupta, a senior fellow at the Washington-based Institute for China-America Studies, said in a recent interview.
“Foremost, it will promote structural reform domestically and help propel growth forward in China,” Gupta said. “And because China is such a huge contributor to global growth and increasingly to global consumption too, the world economy will grow much more prosperous on the back of China’s growth.”
“In time, it will mean that China becomes a primary pillar of the global economic and monetary system. It will be a provider of capital, technology and knowhow overseas,” he added. As China’s Renminbi internationalizes and its own capital markets deepen, the country will “become a provider of safe global financial assets,” he said. “And as one of the world’s largest importers, it will become one of the go-to global consumption markets that underpin global economic balance and stability.”  (Xinhua)