China will play a more important role in the world economy if the global financial crunch leads the three richest economies into recession next year. This conclusion comes from an annual report on the global economic and political situation, issued by the China Academy of Social Sciences, or CASS.

China will play a more important role in the world economy.

According to the report, the world economy may grow 2 percent next year, down from an average annual growth of about 5 percent in the past decade. The CASS report said world economic expansion next year will be driven by advances in emerging markets.

And the US, the EU and Japan, the three major economies, may all post negative growth. The report also added that China aims to sustain its economic growth at above 8 percent in 2009. And its massive demand for imports will become a key force in stabilizing the world economy.

(CCTV December 27, 2008)