China remains the major engine for the global economic growth, the US experts believe

Almaty. February 12. Silkroadnews - The US experts believe the concerns on the “hard landing of the Chinese economy” have no basis behind them; China continues to remain the main engine of the global economic growth, China.org.cn writes.
For example, in 2015 China’s GDP growth made 6.9%, which is fully consistent with the IMF forecasts provided by the “World Economic Outlook” report. The Chinese economy, which is in the focus of the public attention, according to the IMF, experiences a period for the adjustments to be made to achieve a more balanced growth.
Senior IMF economist Maurice Obstfeld pointed out the IMF forecasts for 2016 and 2017 have not changed regarding the Chinese economy, meaning China’s economic development proceeds within the framework expected. According to the IMF, 6%-6.5% growth for the current Chinese economy is “safe”.  For the second biggest economic entity whose scope of economy exceeded $10 trillion, the annual growth of 6%-6.5% means it still remains an important engine for the global economic growth.
Nicholas Lardy, Senior Fellow at the Peterson Institute for the American Institute of International Economics, believes such opinion is expressed by those who have not yet realized that for the recent years it is not the industry, but the service sector that has become the main driver of China’s economic growth. In 2015 the specific data on economic growth in China have confirmed Lardy’s point of view. Last year the consumption’s contribution to the Chinese economic growth became 15.4% higher to compare with 2014. Its share reached 66.4%, which is 30% higher to compare with investments’ contribution. The share of services in GDP grew by 2.4% to 50.5%. This is more than a half of GDP, or 16.7% higher to compare with the contribution of the industrial sector.
N. Lardy believes in recent years the Chinese service sector’s growth rate is much higher than the industry’s growth and becomes the main engine of economic growth. Currently, the expenditures of the Chinese families in the entertainment, tourism, health, education and other components of the service sector increase gradually, thus, promoting the dynamic development of the industry, stimulating the Chinese economy’s steady growth. This situation means the successful progress in the process of structural optimization of the Chinese economy.
Paul Sheard, Standard & Poor’s Ratings Services Chief Global Economist says at this stage it is impossible to ignore the scale of the Chinese economy. As for China’s contribution to global GDP growth, the contribution of the country with the growth of its economy in the range of 6.9% for 2015 is approximately equal to the contribution of China to the growth of its GDP in the range of 14% in 2009. According to the latest IMF forecast, in 2016 China’s GDP growth will fall to 6.3%. However, P. Sheard believes that even under such circumstances this indicator can be considered as a positive signal – China will still remain to be a country that makes the greatest contribution to the global economic growth support.