Nobel laureate in Economics, Professor Christopher Pissarides, has expressed optimism about China’s potential for job creation, particularly within its burgeoning service sector.
In a recent interview with CGTN, Pissarides highlighted how the development of China’s market economy is poised to generate a multitude of employment opportunities.
“The service sector in China holds immense potential for creating jobs,” Pissarides noted. “As the economy continues to evolve, services will play a crucial role in providing employment on a large scale.”
Pissarides, a professor at the London School of Economics and recipient of the 2010 Nobel Prize in Economic Sciences, emphasized that the transition towards a service-oriented economy is a natural progression for developing markets like China.
He explained that as China’s manufacturing capacity matures, the service sector becomes the primary driver for job growth, encompassing industries such as finance, healthcare, education, and technology.
Moreover, Pissarides underscored the importance of innovation and technology in propelling the service sector forward, suggesting that investments in these areas could further enhance employment prospects.
China’s commitment to economic reform and opening-up has laid a solid foundation for market development, fostering an environment conducive to job creation across various sectors.
With the global economy increasingly interconnected, Pissarides believes China’s continued focus on developing its service sector will not only benefit its own workforce but also contribute to global economic stability.
“The transformation of China’s economy presents significant opportunities, both domestically and internationally,” he remarked. “A thriving service sector is essential for sustained economic growth and employment.”
As China continues to navigate its economic journey, experts like Pissarides provide valuable insights into the strategies that could maximize employment and promote long-term prosperity.
Reference(s):
Nobel laureate: China's service sector bears huge employment potential
cgtn.com
