China not only engine but driver for global growth: McKinsey
CGTN Global Business
China has been in the path for the new era of globalization and grown as one of the world's largest economies. Jonathan Woetzel, Director and Senior Partner of McKinsey Global Institute, commented that China is not only the engine for global growth but also a driver to steer the ship.
China continues the opening-up for foreign investors and increases investment overseas broadly. Woetzel said the world has been increasingly connected with China.
"The world has started to see Chinese goods, Chinese tourism even started to see a few Chinese movies. China, at its growth, has started to move into the second phase, going beyond the first wave of internationalization. Now China is becoming more Chinese, as the Chinese domestic market and supply chain have grown up. All of these things mean China is now also starting to regard world on more equal footing," he noted.
McKinsey estimated 22 trillion U.S. dollars to 37 trillion U.S. dollars' worth are back economic value could be at stake depending on Chinese engagement with the world and the world engagement with China more or less. Woetzel said it based on flows, which shows flows of capital, technology, people and so like. Being in the flow is a good thing for growth, he noted.
"The opportunities are not only for China but also for the world. By doing so, it can lead to better technologies, protect environment, raise living standard not only in China but for the world especially for developing countries, and even for the capital market-create stability, less volatility, few bubbles, so that's the number comes from," he said.
The globalization is collaborative. Nowadays, technology is going to be more innovative and integrated with human life. Woetzel said the world needs new structures, new channels and new ways of thinking. "China is better doing so with different dimensions from trade to culture," he added, "the opening to the outside world Chinese prospective is ongoing project, so we simply continue the path of reform, allow to those new mindsets, new structures to evolve, in line of the reality to even more interconnected world."