Former Deputy PM of Armenia speaks highly of China's role in global economy

Video Player is loading.

Current TimeÂ 0:00

DurationÂ -:-

Loaded: 0%

Stream TypeÂ LIVE

Remaining TimeÂ 0:00

China

Former Deputy PM of Armenia speaks highly of China's role in global economy

2024-07-21 10:38 Last Updated At：20:57

China has made huge achievements since reform and opening up in 1970s and it is playing a significant role in global economy, said Vache Gabrielyan, former Deputy Prime Minister of Armenia on Friday.

Gabrielyan's remarks came shortly after the conclusion of the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) in Beijing on Thursday. The four-day session reviewed and adopted a resolution focused on further comprehensively deepening reforms to advance China's ongoing modernization drive.

In an interview with China Global Television Network (CGTN) in Yerevan, capital of Armenia, Gabrielyan highlighted China's achievements and contribution to the world in economic development and poverty alleviation.

"Since the implementation of the reform and opening-up policy in 1979, China's economy has achieved rapid growth, and more and more people have been alleviated from poverty. China is the world's second largest economy. If calculated by purchasing power parity (PPP), China has become the world's largest economy. China's achievements since reform and opening up are enormous," said Gabrielyan.

"In my opinion, China is now trying to make its opening-up policy more orderly, standardized and controllable. China is now the world's second largest economy. Many developing countries are catching up with China in terms of technology and market. China's manufacturing industry is huge and its products are all over the world. Therefore, we can say China's significance to the global economy is not overrated," said Gabrielyan.

China issues first overseas RMB-denominated sovereign green bond in London

2025-04-04 15:25 Last Updated At：15:37

China issued its first-ever overseas RMB-denominated sovereign green bond in London on Wednesday, China's Ministry of Finance said on Thursday.

The deal totals 6 billion yuan (about 833.33 million U.S. dollars), including 3 billion yuan for a three-year term with an interest rate of 1.88 percent, and 3 billion yuan for a five-year term at an interest rate of 1.93 percent. Both rates are lower than the yields on comparable treasury bonds in the Hong Kong Special Administrative Region secondary market.

Notably, the London offering spurred strong demand from international investors -- drawing a diverse range of participants across various regions. Total subscriptions hit 41.58 billion yuan, 6.9 times the issuance value.

"This is a green development. So that means, you know, the international investors have a huge confidence about the sustainable development of China, both in the green development and also digital transformation," said Liao Min, China's vice minister of finance, who attended the bond's launch ceremony held at the London Stock Exchange.

China is the world's biggest producer of green technology. So it makes sense to invest in that space.

The bonds could also offer some stability for markets on edge after U.S. President Donald Trump's tariff announcement.

"We need signals that the financial markets are functioning well. And we need also signals and clear signs that, you know, sustainable finance continues to be well supported by the international financial community," said Bryan Pascoe, chief executive of the International Capital Market Association.