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    German report: the proportion of China's economy in the global economy will continue to increase

    2021-03-22 | Pageviews: CHANGZHOU FOAN M AND E CORPORATION
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    Xinhua news agency, Berlin, March 21 (reporter Zhu Sheng) - the Bavaria Economic Federation of Germany recently released a research report, pointing out that China's economy will continue to increase its share in the global economy.

    The report said that China, with a large population and strong economic strength, plays a special role in the Asia Pacific region and the global economy. In 2018, China's total economy will account for less than one fifth of the world economy, while in 2040, China will generate nearly one fourth of the global economic output.

    According to the report, in the next 20 years, the world's consumption potential and growth momentum will mainly shift to the Asia Pacific region, of which the Chinese factor is very important. On the one hand, western society is further aging, and new consumer groups continue to move to the southeast. On the other hand, China will continue to drive the growth of the Asia Pacific region, which will generate the largest middle and high income groups and form a stronger consumption power.

    The report also said that a new layout of global economic forces is taking shape, or will affect the rules of global economic operation. Deglobalization has increasingly become a real threat to all countries, which will endanger the global economic prosperity. "There is no alternative but free trade and international division of labor. Protectionism and trade war will ultimately hurt everyone."

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