China's trade development and consumption expansion in the past three decades contributed greatly to the global trade balance, Commerce Minister Chen Deming said during the China Development Forum.
"Retail sales grew by 15 to 18 percent annually in recent years, faster than the GDP growth rate. If not for this unique scenario that China created during its development, the world would have a much more difficult financial crisis to cope with," he said.
Responding to criticism that China did not adequately consider the global trade balance as it rose to become the world's largest exporter, Chen said such critics often ignored that China was also the world's second-largest importer and "will be the world's largest importer, and the biggest consumer market, in the coming years".
Source: China Daily