Beijing, March 29 (). Nobel Economics Prize laureate and American economist Thomas Sargent recently gave an exclusive interview to China Media Group. He has traveled to China many times and tried to find the secret of China’s rapid development. He said that China’s development is no less than a miracle.
He said that this year I have turned 82 years old. When I was forty, China was a very poor country. Many of the Chinese cities I visited today have joined the world’s front line. That such a big country like China achieved such development in such a short time is unprecedented in history. In the eyes of economists, this is a true miracle.
He said that for many decades, China has systematically adhered to openness and carried out free trade in goods and services and cross-border trade. This is the key to China’s success. Opening up markets, enhancing scientific development, giving importance to learning, emphasizing higher education, pursuing the scientific spirit of professors and students, all these are components of success. Behind all this, the decisions of Chinese leaders have inspired vitality, innovation power, entrepreneurial spirit, and scientific and technological capability. At present China is leading in various scientific and technological fields. Apart from this, the credit for this success also goes to the vibrant strength and unique character of the Chinese people. History proves time and again that countries that adhere to openness, inspire entrepreneurial spirit, have stable systems, regulations and good business environments can always achieve great progress.
In the interview he gave a high evaluation of China’s five-year plan. He said that China’s five-year plans are closely linked to each other. They channelize social resources towards goals.
He said that most recognized economists support free trade and border opening and reciprocal exchanges. American politicians said that we should increase tariffs and increase the return of manufacturing industry to America. In fact such steps are a contradiction. There is no evidence so far that the manufacturing industry is returning to the US. Imposing higher tariffs would shut down the American market, preventing manufacturing jobs from coming back. This is not a free market economy. It is allegedly impossible to completely separate from China. Because China has led the world in many fields like engineering, chemistry and physics.
In the conversation, he said that in a world full of uncertainties, stable rules, credible promises and open cooperation are the basis for reducing threats and increasing trust.
(Courtesy- China Media Group, Beijing)
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