China's high-speed economic growth over the past two decades is not only the outcome of its successful experiment with economic development, but may well serve as a good reference for other newly merging market economies, an Indian economist and expert on Chinese affairs said in a recent interview with Xinhua.
Mohan Guruswamy, chairman and founder of the Centre for Policy Alternatives in New Delhi, said it is an extraordinary achievement for China to sustain high economic growth rate in such a long period of time.
He said that the peaceful rise of China is not only one of the most significant events of the current century, but also an event which will transform greatly the global political and economic structures.
Since the establishment of the Peoples Republic of China in 1949, the Chinese government has used part of its management system to create Chinas own model of economic development, extending economic growth to all the basic social units through good social management, Mr. Guruswamy said.
China has greatly reduced the illiteracy rate, made primary education universal, and implemented infrastructure projects, and established a comprehensive health and sanitary system. These are precious experiences for other developing nations.
Although it has gone through a zig-zag road on its way to economic development, China has drawn lessons from its past experience. Since the era of economic reform and development was ushered in 30 years ago, China has been enjoying a stable outside environment, and its domestic economic development has entered a period of high-speed development, he said.
The inflow of large quantity of foreign direct investments has turned China into a world-class manufacturing base.
Meanwhile, the life of the Chinese people has also undergone tremendous changes, with public transportation constantly improving, the supply of commodities more diversified, and income steadily increasing for many urban residents, Mr. Guruswamy said.
The Chinese example has shown that a correct road for development will benefit millions of people by ensuring steady economic growth, he said.