With rapid internal economic growth, China is exerting greater influence on the global economy, a Singapore minister said Thursday.

Addressing the Singapore International Foundation (SIF) International Student Symposium, Minister of State for Finance and Transport Lim Hwee Hua said that China and India have become the twin engines of regional and global growth.

"China's contribution to global GDP (gross domestic product) growth since 2000 has been almost twice as large as that of the next three biggest emerging economies, India, Brazil and Russia, combined," Lim noted.

She added that China's strong economic growth has also significantly increased the exports from regional economies to the country since 2000.

"Because of its scale, China's influence extends far beyond trade and GDP. Global inflation rates, interest rates, bond yields, property prices, wages, profits and commodity prices are also increasingly being driven by China," Lim said.

In addition, China is changing its role in the international economic landscape from a magnet for foreign direct investment (FDI) to the 6th largest outward investor among the developing countries, according to Lim.

Acknowledging that China can compete not only in the manufacturing industry but also in the highest-end research and design work, Lim said that other countries must adapt to the emergence of China.

Source: Xinhua