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China’s Development Beneficial to the World

Feb 21-2022   



With its growing heft, China needs to let the world understand its development model while leveraging its capabilities to bring benefits to other nations, says Prof. Justin Lin Yifu, Honorary Dean of the NSD, in an exclusive interview which is part of a 11-episode program co-produced by the NSD and Tencent News.

 

Currently, Prof. Lin is also the dean of two other schools at PKU. Widely acclaimed for his new structural economic theory, Prof. Lin was one of the founders of the NSD (previously CCER) and the former Chief Economist and Senior Vice President of the World Bank.

 

Based of purchasing power parity (PPP), China has emerged as the world’s largest economy and trading nation, making it inevitable that the country’s development and policies are destined to have great impact on the world. Therefore, the need has arisen for China to renew its perceptions of itself and the world, points out Prof. Lin. It’s imperative for the country to let the world comprehend the underlying logic and pursuit of its development, as well as its contribution to the well-being of people around the globe. What China has achieved is development through fair trade and not colonialism, says Prof. Lin, adding that China, in line with its development stage, can do more to support under-developed nations.

 

China’s rise has understandably scraped the nerves of the US, which has been on edge to guard its leading position in the world. Prof. Lin believes that the tensions between the two are unlikely to lead to the so-called Thucydides’ Trap, predominantly because unlike past power rivalries, China and US can still benefit tremendously from bilateral trade due to their complementary industrial structures and they are not in a zero-sum game vying for colonies.

 

In 2021, China celebrated its 20-year membership in the WTO. Prof. Lin attributes China’s growth over the period to its harnessing of domestic and international markets and resources based on economic development patterns. China should continue to promote globalization, including reforms to the WTO and participation in RCEP and CPTPP, and at the same time offer market to other countries, says Prof. Lin.

 

As its service industry and total economic volume expand, China has accordingly promulgated and implemented the dual-circulation masterplan with a focus on the internal one. Though its export had dropped from 35.4% of GDP in 2006 to 17.4% in 2019, China should continue to tap its comparative advantages to sell its products on the international market, says Prof. Lin.

China’s Development Beneficial to the World

Feb 21-2022   



With its growing heft, China needs to let the world understand its development model while leveraging its capabilities to bring benefits to other nations, says Prof. Justin Lin Yifu, Honorary Dean of the NSD, in an exclusive interview which is part of a 11-episode program co-produced by the NSD and Tencent News.

 

Currently, Prof. Lin is also the dean of two other schools at PKU. Widely acclaimed for his new structural economic theory, Prof. Lin was one of the founders of the NSD (previously CCER) and the former Chief Economist and Senior Vice President of the World Bank.

 

Based of purchasing power parity (PPP), China has emerged as the world’s largest economy and trading nation, making it inevitable that the country’s development and policies are destined to have great impact on the world. Therefore, the need has arisen for China to renew its perceptions of itself and the world, points out Prof. Lin. It’s imperative for the country to let the world comprehend the underlying logic and pursuit of its development, as well as its contribution to the well-being of people around the globe. What China has achieved is development through fair trade and not colonialism, says Prof. Lin, adding that China, in line with its development stage, can do more to support under-developed nations.

 

China’s rise has understandably scraped the nerves of the US, which has been on edge to guard its leading position in the world. Prof. Lin believes that the tensions between the two are unlikely to lead to the so-called Thucydides’ Trap, predominantly because unlike past power rivalries, China and US can still benefit tremendously from bilateral trade due to their complementary industrial structures and they are not in a zero-sum game vying for colonies.

 

In 2021, China celebrated its 20-year membership in the WTO. Prof. Lin attributes China’s growth over the period to its harnessing of domestic and international markets and resources based on economic development patterns. China should continue to promote globalization, including reforms to the WTO and participation in RCEP and CPTPP, and at the same time offer market to other countries, says Prof. Lin.

 

As its service industry and total economic volume expand, China has accordingly promulgated and implemented the dual-circulation masterplan with a focus on the internal one. Though its export had dropped from 35.4% of GDP in 2006 to 17.4% in 2019, China should continue to tap its comparative advantages to sell its products on the international market, says Prof. Lin.