Indian expert: China plays crucial role in economic recovery

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Indian expert: China plays crucial role in economic recovery

14:25, August 02, 2010      

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China has spurred economic growth after the financial crisis and played an active role in promoting balanced growth in the world economy, said Manoranjan Mohanty, director of Institute of China Studies in New Delhi, India during an interview with People's Daily.

Mohanty earned his doctorate at the University of California Berkeley and has researched the theoretical and empirical aspects of the development experiences of India and China.

Mohanty said that the role China has played in world economic recovery could be summarized in three points. First, China actively took part in cooperation under the framework of G20, safeguarded the common interests of the developing nations and contributed to world economic recovery.

Second, China expanded its domestic market and stimulated domestic demand. Since the beginning of this year, China witnessed a large increase in imports, a sharp decline in trade surplus and led the world in economic growth.

Third, China actively participated in multi-lateral cooperation under BRIC, the platform for cooperation of the world's biggest emerging economies of Brazil, Russia, India and China. It collaborated with member countries in boosting global economic recovery, maintaining world economic balance and supporting sustainable development.

As to the root of the global contraction, Mohanty said the crisis originated in the western hemisphere, which proved the failure of neo-liberalism. When the industrialized nations were suffering from high unemployment and weak economic recovery, countries like China and India successfully bottomed out and maintained rapid economic growth.

Facts proved that the unrestrained free market economy could not solve the world's problems, Mohanty added.

Author: Liao Zhengjun People’s Daily, August 2, 2010 Translator: Zhang Xinyi

http://paper.people.com.cn/rmrb/html/2010-08/02/nw.D110000renmrb_20100802_2-03.htm?div=-1Related Reading

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