‘China’s development sets example for fast modernisation’

05 Apr, 2024 - 00:04 0 Views
‘China’s development sets example for fast modernisation’ (240112) -- RAYONG, Jan. 12, 2024 (Xinhua) -- Workers work at the Great Wall Motors (GWM) manufacturing plant in Rayong, Thailand, Jan. 12, 2024. China's carmaker GWM sees the first electric vehicle roll off the production line in Thailand on Friday, making a significant breakthrough as the first locally produced pure electric vehicle. (Xinhua/Wang Teng)

eBusiness Weekly

China’s development model sets an example of rapid modernization and growth, Selcuk Colakoglu, director of the Ankara-based Turkish Center for Asia-Pacific Studies, has said.

In a recent interview with Xinhua, Colakoglu highlighted that over the last four decades, China has undergone significant development and transformation.

“Particularly in the last decade, China has strategically prioritized innovative strategies, emphasizing the development of high-tech industries, value-added production units, and environmentally friendly production practices,” he said.

Noting that the most significant challenge for rapidly developing countries is the middle-income trap, the scholar stressed that China and some other Asian countries, namely South Korea and Singapore, have successfully avoided this trap and continued their transformation.

“In that regard, the Chinese development model is another successful example of best practices for rapid modernization and development together with some other Asian countries,” Colakoglu said.

China has become one of the world’s leading economies, and its development experience bears great importance, he said. “This strategic shift is crucial not only for China’s economic transformation but also for global economic development.”

China’s development strategies serve as exemplary practices for other developing countries seeking to achieve similar progress, he added.

“China’s commitment to advancing high-tech industries and implementing innovative strategies signifies its progression towards a more mature development trajectory,” Colakoglu said.

He noted that China has recently developed a guideline to support six key future industries including manufacturing, information, materials, energy, space and health.

As a best practice of this strategy, Chinese electric vehicle producers have taken the leadership in the global market for production and technological innovations, he said, voicing his confidence that there will be a surge in environmentally friendly development driven by the high-tech industry in China.

Noting that China is at the center of global supply chains and makes the world economy more vibrant, Colakoglu said that decoupling China from the global supply chains for political reasons will create unpredicted troubles for global economy and pose challenges to the global system in general.

He noted that amid a sluggish global economic recovery, Asian countries are experiencing an economic upturn, engaging more actively in the global economy, trade, and production activities.

“Not only China but also other countries, including Southeast Asian and other East Asian nations, have a very successful developmental path, with growth rates surpassing the global average, mostly ranging between 5-10 percent,” he said.

The dynamic and robust development of Asian economies have significantly brightened global economic landscape, bolstering growth and international trade, he added.

The scholar spoke highly of the increasing intra-regional trade, especially in East Asia after the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement, which accounts for a significant share of 30 percent of the world’s GDP.

“Asian countries’ positive impact also pushes further intra-regional trade and economic integration in general,” he said. “This trade mobilization, trade integration, and economic integration have positive impacts on world economic growth.”

He proposed that the Western countries should draw inspirations from the organizational structure of Asia to enhance resilience against interruptions in the global supply chain during conflicts, wars, or pandemics.

“In that regard, the leading economies, particularly emerging economies and the developed economies should come together and cooperate and address the issues and problems,” Colakoglu said. — Xinhua

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