Is China really the world’s growth engine?

When calculated mechanically, China’s contribution to global growth is large , at around 33% (one - third). But a more nuanced approach is required: does China contribute to other countries ’ growth ? This is not certain: China’s very high savings rate results in weak consumption in China. A lower savings rate in China would drive up consumption and imports, which would benefit other countries; Given its controls on capital outflows, a portion of China’s savings finance s inefficient investments in China , where investment in construction is abnormally high , instead of financing efficient investments in the rest of the world. China imports too little and prefers to finance poor-quality domestic investments instead of good-quality investments abroad: from this point of view , it is not the world’s growth engine.