In a world grappling with economic uncertainties and shifting global dynamics, the insights of seasoned observers become more valuable than ever. Recently, British economist John Ross, former director for economic and business policy for the mayor of London and a senior fellow at Renmin University of China’s Chongyang Institute for Financial Studies, shared his profound perspectives on China’s development in an exclusive interview with People’s Daily.
China’s Courageous Leap: A History of Openness
Ross, who has meticulously studied China’s economy since its pivotal reform and opening-up drive began in 1978, commended China’s audacious decision to open up when it was still at a nascent stage. “When China was at a low level, it dared to make up its mind to open up to the outside world. This courage and judgment are very rare,” he stated.
He characterized China’s achievements as nothing short of “comprehensive,” remarking that the scale of transformation witnessed in China is “unbelievable throughout human history.” For Ross, openness isn’t just a policy; it’s deeply ingrained in China’s national psyche and cultural fabric, making internationalization an inevitable and wise path.
From Factor Flow to System-Level Opening: A Strategic Evolution
China is currently embarking on a significant evolution in its opening-up strategy, moving beyond traditional “opening up based on the flow of factors” to a more sophisticated “rules-based, system-level opening.” Ross lauded this transition as both “necessary and wise.” He clarified that this institutional opening isn’t a free-for-all but a principled approach to building a self-suited institutional system while adhering to international general rules. China’s methodical, logical, and steady approach, he noted, aligns perfectly with its development stage and the broader trend of globalization.
A Beacon of Certainty in a Turbulent World
Amidst rising global protectionism and unilateralism, Ross offered a reassuring perspective. While acknowledging the potential harm of protectionism to the global economy, he firmly believes it cannot reverse the historical tide of openness. “Protectionism cannot stop the mainstream of global openness,” he asserted, pointing out that most nations, particularly emerging economies in the Global South, continue to embrace openness, not protectionism.
As the world’s second-largest economy and largest trading nation, China’s unwavering commitment to open development provides a crucial alternative. Its remarkable development achievements and open attitude underscore the immense value of cooperation, offering a wealth of new options and opportunities for countries in the Global South.
Driving Global Growth: China’s Economic Resilience
Ross highlighted China’s super-large domestic market and complete industrial system as key strengths fostering sustained economic improvement. He firmly believes that China’s commitment to expanding high-level opening up will not only propel its own economic growth but also stimulate the global economy. The past few years have already demonstrated the fruits of this strategy, with China maintaining stable growth and its people enjoying tangible benefits.
The 15th Five-Year Plan: A Vision for Innovation and Global Leadership
Looking ahead, Ross expressed particular interest in China’s scientific and technological innovation as outlined in the 15th Five-Year Plan. He marveled at China’s transformation from a technological leader in a select few areas during the 14th Five-Year Plan period (2021-2025) to a global frontrunner in critical sectors like electric vehicles, renewable energy, and artificial intelligence – a truly “amazing” evolution.
The secret to China’s tech prowess, according to Ross, lies in its high proportion of R&D investment and the efficient conversion of this investment into tangible products. High-level R&D, deep integration with the real economy, and scientific guidance are the triumvirate driving China’s technological breakthroughs. “I believe that the implementation of the 15th Five-Year Plan will allow China to take the lead in an increasing number of fields of global science and technology,” Ross predicted, emphasizing that extensive cooperation with other developing countries will further promote the common interests of all nations.
China’s Path: A Reflection of Human Development
In a profound concluding thought, John Ross posited that at this juncture in history, the “core direction of human development is reflected in China’s development.” He argued that China’s chosen open path, tailored to its national conditions, represents a significant historical opportunity. The practical results of China’s opening up over the past four decades serve as irrefutable proof of its correctness.
“I hope that more countries can learn from China’s opening up and jointly promote the global economy in a better direction,” Ross concluded, underscoring China’s role as a model for sustainable and inclusive global progress.
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