China now “hub of global supply chains”- IMF official says

China, a key trading partner for over 100 countries, has become a hub of global supply chains, a senior official of the International Monetary Fund (IMF) said here on Monday.

“The Chinese success story is deeply intertwined with the fortunes of the world economy,” IMF First Deputy Managing Director David Lipton said, adding that as a trading nation, China is a key partner for over 100 countries, which represent more than 80 percent of global GDP.

“It’s the hub of global supply chains, a magnet for commodity exports, and an important source of final demand,” Lipton said in a speech at the opening ceremony of the 11th Asian Financial Forum held in the Hong Kong Special Administrative Region.

He said that China alone is providing one-third of the global growth, and is outweighing other countries in areas of digital commerce, Fintech, robotics and artificial intelligence.

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He also pointed out that Chinese investors and creditors are “playing an increasingly important role in the development in infrastructure finance,” and China’s foreign direct investments are “growing in size and importance, bringing positive benefits to other developing countries.”

In terms of China’s global role, the IMF official said that China has been a voice in the debate over trade and economic contribution, and a supporter for globalization. “It’s safe to predict that Beijing’s role in international institutions will continue to expand in coming years.”

“China’s constructive role in global institutions like the IMF is critical to our ability to adapt to the changing global economic situation,” he said. “We greatly value China’s leadership, and look forward to continued collaboration.”