LONDON - With the rise of China's economic power and its undergoing economic restructuring, the world needs China's globalization, to entrench the process of multilateralism and fuel the global growth, experts said on Friday. They are optimistic about China's reform agenda and its long-term growth prospective.

Global player

Speaking at China Development Forum, which is co-hosted by EY and London School of Economics (LSE), Professor Craig Calhorn, Director of LSE, said China's economic growth is really unmatched in world history last decades, and the growth is not just the GDP figure, but also the growth of the middle class.

Now "China is globalizing, it is not participating externally, it is changing the course of globalization. China is becoming a global player, and it is not the same as be an expansionist, and there is no sign that China is an expansionist in the sense of territory expansion," said Colhoun.

"Some western leaders have made clear that the world needs China to go global, we need its economic, territorial, population and cultural importance to be matched by a role international. The world needs China's fully participating the process to figure out the way to make the world multilateral, not just the question on who is dominant," he said.

Colhoun stressed that the readiness for global financial integration is an issue for China's globalization, and banking reform in China is a precondition for China being able to fully push forward Renminbi's internationalization.

China needs and is determined to move to the next level of value-added range of industries, he added.