Efficient Market and Effective Government

Mar 19-2019   

China provides developing countries with growth opportunities by supplying infrastructure and investment funds; even more importantly, China offers the ideas for development, namely the combination of efficient market and effective government, says NSD Honorary Dean and Professor Justin Lin in an exclusive interview with Guang Ming Daily. Despite internal and external challenges, China can be expected to grow by 6-6.5% in 2019, and still enjoys enormous growth potential for many years to come as many of its industries are in need of technological innovation and industrial upgrading. The current downward pressures are closely related to external and cyclical issues. Rather than following Western theoretical prescriptions (notably the so-called Washington Consensus), China has pioneered reforms rooted in its own conditions as a developing country. He advises that the other developing countries know what they have, get the best out of it, and accumulate small successes to achieve big ones.