China remains stabiliser of global economy, Bangladesh experts say

Bangladesh experts have said that they believed China would play a stabiliser role in the global economy amid a lingering pandemic and simmering global geopolitical tensions.

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

They said they believed that China would 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 was released recently.

The data showed that its gross domestic product (GDP) secured a positive growth in the second quarter and expanded by 2.5 per cent 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.

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

"This should also help developing countries expand their 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 a global food crisis.

Amid all these, he said that there must be a renewed global initiative to keep the objective of the materialisation of UN Sustainable Development Goals (SDGs) at the centre 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.

He added that many developing countries were also learning from China's successes.

"China is doing well with its relevant programmes,'' said Md Aynul Islam, general secretary of the Bangladesh Economic Association (BEA).

He noted that enormous resources and community cooperation under the Chinese government's leadership had 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 stabilise the economy which is still in a position to help vulnerable countries in the world.

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

The Chinese economy that has already shown its resilience was accumulating more and more power, says 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.

In spite of 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 was strong and sustainable.

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