China’s remarkable economic development offers unprecedented opportunities for the rest of the world, according to Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development. Geraci highlights China’s unique success story in lifting 800 million people out of extreme poverty and advancing in infrastructure, technology, and high-speed rail.
“China has been a unique example in the history of economic development of mankind,” Geraci states. He attributes this success to China’s effective balance between market forces and state intervention, allowing for growth during prosperous times and providing stability during crises.
Geraci emphasizes that the concept of socialism with Chinese characteristics has been the perfect institutional framework for China’s situation. “It may not work in other countries, but in China, I think it is as good as it can get,” he notes.
Addressing skeptics who predict China’s collapse, Geraci references the book The Coming Collapse of China, remarking that such a collapse has not occurred and is unlikely to happen. He believes China’s government institutions possess the necessary skills to effectively tackle challenges.
“The Chinese economy has many challenges but also has many solutions,” Geraci explains. He suggests that some Western analysts fail to see the full picture, focusing only on the challenges without recognizing China’s ability to overcome them. He points out that China successfully navigated the global financial crisis with minimal issues.
As a supporter of China’s development, Geraci sees significant benefits for his home country, Italy, and the broader world. He views China as an example and benchmark from which other nations can learn valuable lessons, particularly in infrastructure development, urbanization, and manufacturing.
“For developing and growing economies, China’s model could be very useful,” Geraci says. He believes that while the model cannot be copied exactly due to differing national characteristics, elements of China’s approach could aid countries in Asia and Africa needing infrastructure and urban development.
Geraci concludes that the Chinese model, adapted with local characteristics, can serve as a blueprint for other nations seeking sustainable growth and development.
Reference(s):
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