Bangladesh experts say China remains stabilizer of global economy

Updated: July 27, 2022 Source: Xinhua News Agency
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DHAKA, July 26 (Xinhua) -- Bangladesh experts have said they believe China will play a stabilizer role for the global economy amid a lingering pandemic and simmering global geopolitical tensions.

With its sound long-term fundamentals, they said, Chinese economy has already shown its resilience amid disruptions of the COVID-19 pandemic, in particular thanks to pro-growth policies of the Chinese government, which have worked successfully.

They said they believe that China will remain as one of the important engines of the global economic recovery.

The experts expressed optimism about an even brighter economic prospect for China after China's National Bureau of Statistics data released recently showed that its gross domestic product (GDP) has secured a positive growth in the second quarter and expanded 2.5 percent in the first half of this year.

"This is certainly good news for the world economy," Mohammad Abdur Razzaque, chairman of a Dhaka-based leading think-tank, Research and Policy Integration for Development (RAPID), told Xinhua in an interview recently.

According to the expert, China's growth momentum will significantly boost global demand for goods and services.

"This should also help developing countries expand its exports to China," he added.

According to him, many developing countries are now severely constrained by COVID-19 aftermaths, effects of the Russia-Ukraine conflict, rising inflationary pressures, and a threat of global food crisis.

Amid all these, he said that there must be a renewed global initiative to keep the objective of the materialization of United Nations sustainable development goals (SDGs) at the center of international cooperation.

China as the world's second largest economy is already playing a critical role in promoting countries' integration into the global economy through improved transportation connectivity, said Razzaque.

Many developing countries are also learning from China's successes, he added.

"China is doing well with its relevant programs," said Md Aynul Islam, general secretary of the Bangladesh Economic Association (BEA), noting that enormous resources and community cooperation under the Chinese government's leadership have always helped China face adversities with less disruption to people's life and economy.

China is handling a complete range of activities well "to withstand risks and stabilize the economy" which is still in a position to help vulnerable countries in the world, he said.

According to the expert, China has excellent policy instruments to unleash greater potential for development despite external challenges.

The Chinese economy that has already showed its resilience is accumulating more and more power, said the leader of the BEA, which has more than 4,500 expert members from academia, government departments, businesses, civil societies and other sectors.

Islam, also a professor of economics at Jagannath University based in the capital Dhaka, noted that the global economy shrank with dire problems like inflation, food insecurity and natural disasters.

"The way China is advancing has set an example for the rest of the world," he said.

Despite the impact of various challenges including uncertainties in the international arena and risks brought by rising protectionism, he said China's long-term growth trajectory is strong and sustainable.

China, with its remarkable economic resilience and efficient macro-economic policies, will surely be able to inject more vitality into global recovery, Islam said.

Editor: Su Dan