Celebrating an economic turnaround

Winter Nie, (seen here) and Abraham Lu (pictured lower down, Nie is professor of Operations and Service Management and Lu, Research Associate at IMD, Lausanne, Switzerland) have written a long report on China’s current economic situation that is well worth reading. 

 

Talking of the 60th anniversary of the founding of the People’s Republic on October 1, they said: "The expense may seem lavish at a time when the rest of the world is just recovering from a financial crisis, but the fact is that China has a great deal to celebrate. Despite major challenges, China has evolved into the world’s third most powerful economy. It is now the world’s premier source for manufacturing and it is increasingly making its influence felt in shaping international affairs. Equally important, there is no longer any question of China turning back."

They then cover the economic history of China since the last days of Mao Tse Tung leading up to China’s joining the World Trade Organisation in 2001.

The Economic Times India reports they write that, "instead of holding China back, the WTO accession made Chinese companies more attractive to international markets and far more competitive, while foreign companies could better access the Chinese market. China’s growth has soared since then, helping it further become a world power that will play a major role in defining the 21st century."

A long, but intelligent and well constructed article.