Against this backdrop of sluggish world economic recovery, China, which emerged from the severe global economic downturn largely unscathed, continues to be a bright spot, with growth expected to reach 9 percent this year, outshining every other major economy in the world.

IMF economist Sun Tao told Xinhua: "In 2011, China maintained rapid economic growth against the headwind of sluggish world economic recovery and volatile global financial market. The economic recovery was on a solid footing driven by vigorous domestic and external demand."

"With the proactive and extensive use of macroeconomic and financial policies, China managed to alleviate the inflation pressure in the consumer goods and asset markets. All these impressive achievements demonstrate the robustness of China's growth momentum and policy endeavor," he said.

Ten years after China's entry into the World Trade Organization, China has built a complex and substantial trading network with countries around the world, which means the country's rapid economic growth is not only benefiting its own people, but also helping to spur economic growth in its trading partners.

China's demand for crude oil and other raw materials has been a major boost to resource-rich countries such as Australia, Brazil and Angola. Its role as one critical part of the global supply chain also means it has been importing large quantities of electrical components from countries such as Japan and South Korea.

Furthermore, its 1.3 billion consumers are increasingly buying all kinds of goods, from tropical fruits from Southeast Asia to high-end luxuries from the United States and Europe. ' "China's robust economic growth in 2011 was a vital contribution to the world economy. First, it strengthened the global efforts in preventing a sharp economic slowdown; second, it helped prevent a systemic loss of confidence in the global financial markets amid the global financial crisis; third, it might help create some accommodative room for the crisis-hit countries to take decisive structural reforms," Sun said.

For many countries, the booming Chinese economy offers them great opportunities in terms of export and investment.

According to statistics from Indonesia's trade ministry, in the first nine months of this year, the country's export of non-oil/non-gas products to China surged by 60.1 percent on a year-on-year basis, offsetting a fall in exports to the U.S. market.

To ensure sustainable economic development in the medium term, China has stepped up efforts to implement economic structural reforms as outlined in the 12th Five Year Plan, which means economic growth will slow a little in the next five years, but is necessary to prepare the country for future growth.

Last month, China's exports expanded only 13.8 percent year on year, the lowest in nine months, while imports increased by 22.1 percent, following October's surge of 28.7 percent.

The narrowing trade surplus accords with the government's forecast that the country's trade surplus in 2011 will drop to 150 billion U.S. dollars from around last year's 183 billion, the third straight year of decline.

The target has showed Beijing's determination to develop a more balanced economy by boosting domestic demand and steering it away from the previous heavy reliance on exports.

The expansion of the domestic market will create a crucial export market for the goods and services of other nations, creating more job opportunities and boosting economic growth.