Rescuing a 'tattered society'
Outlining some of the features of the Chinese reform process, Professor Chu said that the Chinese programme was unique and was geared towards rescuing a "tattered society that was on the verge of collapse.
"The reform programme was home-grown and domestically engineered. Unlike other countries, it was not a foreign prescription. There was no shock therapy; rather, there was an incremental approach to change. We started from within with the farmers, getting the production processes more organised. We have successfully managed to merge reform, development, and stability," he explained. Shifting to investment strategies
, Professor Chu said special economic zones were set up with neighbouring countries, such as Hong Kong, and these zones gradually spread to 40 other coastal areas. "Now we have more than 700,000 foreign-owned companies and Chinese foreign-owned co-operative ventures in several locations.
"They came with money and managerial expertise. They came with advanced technologies; we had to learn quickly from them. To our advantage, we skipped research and development and saved a lot of money. They came with well-established networks, which are very costly," said Professor Chu. The Chinese economy on which most of the world leans, emerged from last year's economic crisis almost unscathed, leading the global economic recovery process with a year-on-year growth rate of 9.1 per cent last year.
Outlining some of the features of the Chinese reform process, Professor Chu said that the Chinese programme was unique and was geared towards rescuing a "tattered society that was on the verge of collapse.
"The reform programme was home-grown and domestically engineered. Unlike other countries, it was not a foreign prescription. There was no shock therapy; rather, there was an incremental approach to change. We started from within with the farmers, getting the production processes more organised. We have successfully managed to merge reform, development, and stability," he explained. Shifting to investment strategies
, Professor Chu said special economic zones were set up with neighbouring countries, such as Hong Kong, and these zones gradually spread to 40 other coastal areas. "Now we have more than 700,000 foreign-owned companies and Chinese foreign-owned co-operative ventures in several locations.
"They came with money and managerial expertise. They came with advanced technologies; we had to learn quickly from them. To our advantage, we skipped research and development and saved a lot of money. They came with well-established networks, which are very costly," said Professor Chu. The Chinese economy on which most of the world leans, emerged from last year's economic crisis almost unscathed, leading the global economic recovery process with a year-on-year growth rate of 9.1 per cent last year.
Comment