Skip to Content Facebook Feature Image

Nobel laureate decodes China's economic success

China

Video Player is loading.
Current Time 0:00
Duration -:-
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
Â
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected
      China

      China

      Nobel laureate decodes China's economic success

      2024-08-10 11:03 Last Updated At:12:07

      Nobel Laureate in Economics Eric Maskin has attributed China's world-beating economic success in the past four decades to its market economy outperformance, unwavering adherence to opening-up policy, and a sophisticated government stewardship.

      In an interview with China Media Group aired on Friday, Maskin said Chinese economy has gained quantum leaps year by year through reform and opening up, which provides valuable references for the rest of the world.

      "China has made stunning progress in the last 40 years. Several secrets to the Chinese success story. First of all, China implements the elements of the market economy. Market forces were going to be essential to the development of the Chinese economy. The use of markets was a critical recognition. But also the importance of opening China up to the rest of the world was a critical step in the right direction. Opening up and taking advantage of international markets are the most important lessons," said Maskin.

      He also hailed China's government structure, saying it ensures economic efficiency and provides an experimental ground for rolling out new policies or programs.

      "The way that the Chinese government is organized I think was a remarkably successful venture. China has a central government. It also has provincial and local governments. In China, each province is its own distinct economy and that very competition is a source of economic efficiency. The feature that allows China to do experiments locally I think is another secret to the Chinese success story. That's good economic thinking," said the Nobel laureate.

      Nobel laureate decodes China's economic success

      Nobel laureate decodes China's economic success

      Nobel laureate decodes China's economic success

      Nobel laureate decodes China's economic success

      Next Article

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

      2025-01-20 22:37 Last Updated At:23:07

      China in 2024 saw a faster transformation and upgrading of investment in manufacturing industry, a strong growth of investment in high-tech industries, and a rebound of investment in infrastructure construction, according to the latest data released by the National Bureau of Statistics on Saturday.

      The investment in manufacturing industry grew by 9.2 percent compared to the previous year, or six percentage points higher than the growth rate of overall investment. In particular, investment in technological upgrades of manufacturing industry increased by eight percent, or 4.8 percentage points higher than overall investment growth.

      Private investment in manufacturing grew by 10.8 percent, driving up overall private investment by 5.3 percentage points.

      The structure of investment continued to optimize. Investment in high-tech industries rose eight percent compared to the previous year, which was 4.8 percentage points higher than the growth rate of overall investment. In particular, investment in high-tech manufacturing grew by seven percent, and that in high-tech service industry grew by 10.2 percent. Investments related to high-tech industries, such as aerospace equipment manufacturing and professional technical services, increased by more than 30 percent.

      In 2025, China plans to moderately increase central government budgetary investments, issue ultra-long-term special treasury bonds and local government special bonds, and enhance efforts to support projects for implementing major national strategies and building security capacity in key areas, as well as implementation of large-scale equipment upgrades and consumer goods trade-in programs, with the aim of stimulating private investment activity through various measures, effectively leveraging government investment to drive social investment, improving investment efficiency, and promoting steady growth in investments.

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

      Recommended Articles
      Hot · Posts