China's economic transformation matters greatly: experts

BEIJING, March 7 (Xinhua) -- China's efforts to transform its economic growth towards a more balanced direction matters a great deal to the world's vital interests, foreign experts say.

China, along with other emerging economies, is taking a ever ballooning share of the burden to spur global economic growth.

That's while other major economies, including the U.S. and some of the developed European countries, were still struggling to avoid a double-dip recession amid a flaring Europe-wide debt crisis and the after-effects of a global financial meltdown.

It has already become a global consensus that China's contributions to restoring a balanced and sustainable world economic growth are indispensable.

More and more Chinese will be lifted out of poverty and enjoy better living standards with the growing economic expansion, said Arvind Subramanian, a senior fellow at the Washington-based Peterson Institute for International Economics.

"If China grows, the rest of the world benefits", as China will increase its demand from other nations and helps keep the world economy dynamic, he added during a recent interview with Xinhua.

Many experts also believe China's decision to set its 2012 GDP growth rate to 7.5 percent, a 0.5 percentage point lower than that of last year, indicate that the Asian power has started to prioritize the quality over the speed of its economic growth. That change, they believe, would benefit China and the rest of the world.