The British leading daily Financial Times published Tuesday a special report on China, applauding China's role in the world economy.
The special report contains 16 articles mainly covering economic areas such as economy as a whole, economic growth and environment, banking, stock market, private equity, product safety and the car market.
In the covering story, the special report said "after nearly three decades of uninterrupted economic expansion, and five straight years of double-digit-plus increases in output, China has become a motor of growth for the global economy and is on the verge of becoming the largest trading nation in the world."
The special report said although consumption continues to grow more slowly than investment and exports, "China has also become the most promising new market in decades for a host of multinationals from carmakers to fast-food companies and industrial goods suppliers."
The reconstruction of its cities and the building of new ones to absorb millions of rural migrants each year has translated into a huge demand for resources, lifting global prices for commodities such as copper, nickel and iron ore.
Business criticism of Beijing in the United States and Europe has been relatively muted, largely because of the huge investments of multinationals in China and the growth they foresee in the market, the report said.
The special report said that China is attempting to encourage an outflow of capital, and has also established a sovereign investment agency to chase higher returns for a portion of its reserves, which stood at 1,400 billion U.S. dollars at the end of August, but neither measure will be able to stem the tide of incoming funds for the moment.
However, the report said the cost of China's headlong growth is evident across the country in the biting air pollution in the cities, and the factory waste that has damaged agricultural land and rivers.
Source: Xinhua
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