On many counts， China’s growth is a tremendous boon， both for itself and the world. China has substantially transformed its backward， centrally－ planned economy into a middle－income， market－driven one， even though it is far from being a full market economy. More than 850 million Chinese
people have been lifted out of poverty， an achievement unprecedented in human history.
China’s development and success has benefited the world too. China has become a massive production and manufacturing base， lowering costs for the world’s producers， first for labour－intensive goods， and now
increasingly for high value and technology－intensive production. It is also a huge market， importing everything from commodities and electronic components to aircraft and fine wines. On the consumer side， billions of people worldwide buy all manner of products， from Barbie dolls and basketballs to drones and mobile phones， made in China， though often incorporating foreign components and technology.
Imagine， conversely， that China had remained closed and undeveloped. A failing China would have exported many problems to the world， quite possibly still including armed revolution. Its huge population would have been resentful and restless at being left behind by other countries. A generation ago， when China was still poor， Deng Xiaoping was asked by US President Jimmy Carter to allow more people to emigrate. He answered：“Well， Mr President， how many Chinese nationals do you want？ Ten million？ Twenty million？ Thirty million？”
China’s success has enabled the world to avoid this disastrous outcome. At the same time， China’s growth has shifted the strategic balance and the economic centre of gravity of the world， and the shift continues.
|
