GERMAN REPORT: THE PROPORTION OF CHINA'S ECONOMY IN THE GLOBAL ECONOMY WILL CONTINUE TO INCREASE
BERLIN, MARCH 21 (XINHUA) -- THE BAVARIAN ECONOMIC FEDERATION OF GERMANY RECENTLY RELEASED A RESEARCH REPORT STATING THAT THE PROPORTION OF CHINA'S ECONOMY IN THE GLOBAL ECONOMY WILL CONTINUE TO INCREASE.THE REPORT SAID THAT CHINA, WITH A LARGE POPULATION AND STRONG ECONOMIC STRENGTH, PLAYS A SPECIAL ROLE IN THE ECONOMY OF THE ASIA PACIFIC REGION AND THE GLOBAL ECONOMY. IN 2018, CHINA'S TOTAL ECONOMIC OUTPUT ACCOUNTED FOR LESS THAN ONE-FIFTH OF THE WORLD ECONOMY, BUT BY 2040, CHINA WILL CREATE NEARLY A QUARTER OF THE GLOBAL ECONOMIC OUTPUT.THE REPORT SUGGESTS THAT IN THE NEXT 20 YEARS, THE WORLD'S CONSUMPTION POTENTIAL AND GROWTH DRIVERS WILL MAINLY SHIFT TO THE ASIA PACIFIC REGION, WITH CHINA BEING PARTICULARLY IMPORTANT. ON THE ONE HAND, WESTERN SOCIETY IS FURTHER AGING, AND THE NEW CONSUMER GROUP CONTINUES TO SHIFT TOWARDS THE SOUTHEAST. ON THE OTHER HAND, CHINA WILL CONTINUE TO DRIVE GROWTH IN THE ASIA PACIFIC REGION, WHICH WILL GENERATE ****** MIDDLE AND HIGH-INCOME GROUPS, FORMING STRONGER CONSUMPTION POWER.THE REPORT ALSO STATES THAT A NEW GLOBAL ECONOMIC POWER LAYOUT IS TAKING SHAPE AND MAY AFFECT THE RULES OF GLOBAL ECONOMIC OPERATION. DE GLOBALIZATION IS INCREASINGLY BECOMING A REAL THREAT FACED BY COUNTRIES, WHICH WILL ENDANGER GLOBAL ECONOMIC PROSPERITY. THERE IS NO OTHER WAY BUT FREE TRADE AND INTERNATIONAL DIVISION OF LABOR. PROTECTIONISM AND TRADE WARS WILL ULTIMATELY HARM EVERYONE