Economy

China's growth important to global recovery: WB chief

(Xinhua)
Updated: 2010-10-08 10:02

WASHINGTON - China's growth is a very important force in the global recovery, World Bank Group President Robert B. Zoellick told reporters on Oct 7 in response to a Xinhua question.

Zoellick made the remarks during a press briefing ahead of the Bank's annual meeting this weekend.

Robert B. Zoellick,  World Bank Group President, at a a press briefing in Washington D. C., the capital of the US, on Oct 7, 2010. [Photo/Xinhua]

Asked what China can contribute to the world development, the president, who just concluded a week-long China tour last month, said China's growth itself is important contribution to the world.

China's economy is projected to grow 10.5 percent in 2010 and 9. 6 percent in 2011, driven by domestic demand, according to the biannual World Economic Outlook (WEO) released by the International Monetary Fund (IMF) on Oct 6.

Related readings:  China's growth projected to be 10.5% in 2010, 9.6% in 2011  China in stable growth mode  2010, a year of recovery for China's foreign trade  Developing nations to make up half of global growth: World Bank

"China's strong and sustained growth over the past several years has served as a linchpin for global trade, benefiting exporters of commodities and capital goods," said the report.

The World Bank chief stressed the importance of new multi-polar economy requiring multi-polar knowledge, with rising economies contributing new experiences to the world.

Recovery is happening, but not quick enough to bring enough jobs, and the economic downturn is still hurting people's jobs and lives, said Zoellick.

"We need a more balanced and sustainable growth," he added.

Zoellick also warned of a potential resurgence of protectionism in the post-crisis period. He stressed that protectionism is not a way out, and it may only risk the repetition of mistakes of the 1930s.