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Economists see a "China miracle"

by Xinhua writer Wu Liming

FRANKFURT, Oct. 15 (Xinhua) -- How could the Chinese economy witness rapid growth for over 30 years in a row? How could its population of 1.3 billion have living standards improved sustainably? The answer is what observers across the world are dubbing the "China miracle".

On Wednesday, politicians and economists attending the "International Economists Forum" at the interval of the Frankfurt Book Fair gave their own interpretations on the "China miracle".

Former German Chancellor Gerhard Schroeder, who has long been supporting a smooth expansion of Sino-German and Sino-European relations, said Europe should regard China as a partner instead of a rival.

Europe should continue to push strategic relations between China and the European Union (EU), which would benefit both sides, said Schroeder, who visited China almost every year during his period in power.

Edmund Strother Phelps, an American economist and the winner of the 2006 Nobel Prize in Economic Sciences, stressed the significance of innovation and entrepreneurship in boosting the economic development in China.

Phelps also proposed that the Chinese government provide more conditions for encouraging innovation.

Justin Yifu Lin, senior vice president of development economics and chief economist of the World Bank, said China adopted a pragmatic, dual-track approach in the reform process, by providing transitory protection to non-viable firms in old priority sectors and liberalizing the entry to the sectors that are consistent with China's comparative advantages.

"Continuous innovation of technology and upgrading of industries are the driving forces of modern economic growth for China," Lin added.

Professor Athar Hussain, director of Asia Research Center at the London School of Economics and Political Science, is well acquainted with China through his work as a foreign expert there in 1960s.

In his lecture, Hussain praised China's achievements. He also pointed out the challenges ahead for China in its modernization drive.

Chen Ping, a professor from China's Fudan University, noted that orthodox economic architectures failed to explain the success and experience of China.

China's burgeoning growth and unprecedented development model had contributed to the human history at large, he added.

 

 


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