Walk­ing a suc­cess­ful path to­ward last­ing pros­per­ity

China Daily (USA) - - TOP NEWS - By WANG MINGJIE

BRICS economies com­bined. For at least 70 coun­tries, China is the largest im­port cus­tomer, and in 2016, it be­came Ger­many’s largest sin­gle-na­tion trad­ing part­ner.

O’Neill noted that if China grows by between 6 and 7 per­cent for an­other three years, the nom­i­nal growth rate for the decade will have been about 10 per­cent. Such growth would cre­ate more than $3 tril­lion of ad­di­tional GDP, which would be equiv­a­lent to an­other In­dia.

In the runup to the Party Con­gress, which be­gins on Oct 18, O’Neill said he would like to see Bei­jing con­tinue along the same path it has been on for the past 20 years. He would also like to see the govern­ment fur­ther im­prove the lives of mi­grant work­ers, and see it en­cour­age more con­sump­tion rel­a­tive to sav­ings and pro­duc­tion.

“As China has now reached a GDP-per-capita level of close to $10,000, it has got to a time for the lead­er­ship to be bolder in giv­ing mi­grant work­ers the same rights as peo­ple born in cities,” said O’Neill, who added that he be­lieves the govern­ment should aban­don the term “mi­grant worker” in its eco­nomic analy­ses.

He said some of China’s ex­pe­ri­ences could be used to solve press­ing problems in other coun­tries, and its suc­cesses in man­ag­ing coun­ter­cycli­cal and fis­cal pol­icy can be matched by few Western coun­tries.

“China re­cov­ered from the 2008 fi­nan­cial cri­sis much quicker and more pow­er­fully, with much less per­sis­tent neg­a­tive con­se­quence than the UK,” he said, not­ing that China’s 2009 fis­cal stim­u­lus and its fine-tun­ing of mone­tary pol­icy could serve as ex­am­ples to the United King­dom and other coun­tries.

When the BRIC acro­nym was first cre­ated, China’s econ­omy was val­ued at $1 tril­lion. To­day, it is worth 12 times that.

Be­cause of its eco­nomic strength, O’Neill said he be­lieves China has be­come a huge in­flu­ence on world trade and in­vest­ment.

On a per­sonal level, he added that he cher­ishes the mo­ment he stood next to Pres­i­dent Xi Jin­ping for a photo at the Boao Fo­rum in 2013. “I’m proud that I was cho­sen to stand there in the or­der, and I shall keep the pic­ture for a long time,” he said.

Dur­ing Xi’s state visit to the UK in 2015, O’Neill got to ac­com­pany the pres­i­dent on var­i­ous en­gage­ments be­cause he was com­mer­cial sec­re­tary to the trea­sury.

“I was proud and ex­cited that I played my role in de­vel­op­ing the so-called golden re­la­tion­ship in 2015 and it was an ex­tra­or­di­nary ben­e­fit for the UK, rel­a­tive to other coun­tries,” he said. “It hap­pened at a time when China was more fo­cused on the qual­ity of growth than just the amount of growth, and this is al­most ideal for what the UK ex­cels in.”

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