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People's Daily Online>>China Business

WB economist: US, EU must heed China's wisdom

By Chen Lidan (People's Daily Online)

09:34, December 01, 2011

Beijing Dec. 1 (People's Daily Online) – The crucial factor in surmounting the economic difficulties that plague the United States and the European Union is not money but political wisdom, said Justin Yifu Lin, the World Bank's chief economist.

Lin made such remarks in an event in Berkeley, California on Tuesday, discussing the lessons behind China’s economic miracle.

Because of the pragmatic approach China adopted in the past three decades, the nation has rapidly ascended to become one of the most dynamic economies in the world. It is highly possible for China to enjoy another 20 years of 8 percent growth, Lin forecasted.

Lin pointed out that the best tool to save the United States and the European Union is the political wisdom of government officials. Both economies can benefit from China's pragmatic practice in handling economic headaches, Lin added.

The EU policymakers have to use their political wisdom to work out a widely acceptable solution. In the case of the United States, he said the nation needs strong leadership that focuses on creating more jobs and prompting faster economic recovery.

Lin did not decline to address the problems China is facing now, which range from the yawning income gap to rampant environment degradation. But he was optimistic that China will find a proper way to solve these internal imbalances.

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romanov at 2011-12-0280.94.16.*
2011-12-1.US need strong leader.to have senator Herman Cain not inept Obama
wende at 2011-12-0171.251.41.*
China needs more flexibility in their foreign policies and in their set principles. It does not need to give equal treatment to all nations. They should be based on the relationships those nations have with China. Same treatments for both friends and foes will only increase the number of foes for China. "treat others as you would want to be treated"
  

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