China is on track to meet its 6.5 percent to 7 percent growth rate target this year. This is being taken as a signal that the economy is in strong position. The strength of the Chinese economy is also likely to aid global economy, which is going through a rough phase.

According to state news agency Xinhua, Chinese economy is giving positive signal to a "weak and vulnerable" global economy. The report also stated that the year had a "troublesome start." However, China is on its way to end the year on a positive note.

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The country is now "seeking progress while maintaining stability" in the next year. China is likely to continue with its structural reforms to make its economy more robust. However, it is also striving to maintain its flexibility to withstand deep decline in the economy.

According to economist Stephen Roach, if China is able to meet its official targets, then it is likely to contribute 1.2 percent of the global GDP growth. The International Monetary Fund expects global economy to grow only 3.1 percent this year.

China has achieved 6.7 percent growth rate for all the three quarters this year so far. The country has also witnessed sharp improvement on its service industry. Its industrial sector also maintained stability in the months of October and November.

Xinhua report further stressed that it is expected that the global economy would need China "more than ever." China is also likely to retaliate to other country's protectionist measures by restricting their access to its own thriving markets.

Tagschina, Economy, global economy