Nobel Laureate in Economics Eric Maskin has attributed China's world-beating economic success in the past four decades to its market economy outperformance, unwavering adherence to opening-up policy, and a sophisticated government stewardship.
In an interview with China Media Group aired on Friday, Maskin said Chinese economy has gained quantum leaps year by year through reform and opening up, which provides valuable references for the rest of the world.
"China has made stunning progress in the last 40 years. Several secrets to the Chinese success story. First of all, China implements the elements of the market economy. Market forces were going to be essential to the development of the Chinese economy. The use of markets was a critical recognition. But also the importance of opening China up to the rest of the world was a critical step in the right direction. Opening up and taking advantage of international markets are the most important lessons," said Maskin.
He also hailed China's government structure, saying it ensures economic efficiency and provides an experimental ground for rolling out new policies or programs.
"The way that the Chinese government is organized I think was a remarkably successful venture. China has a central government. It also has provincial and local governments. In China, each province is its own distinct economy and that very competition is a source of economic efficiency. The feature that allows China to do experiments locally I think is another secret to the Chinese success story. That's good economic thinking," said the Nobel laureate.
Nobel laureate decodes China's economic success
Nobel laureate decodes China's economic success
China's foreign investment policies are empowering biomedical enterprises to expand domestically and globally.
The China Council for the Promotion of International Trade (CCPIT) held a Foreign Invested Enterprises Tour of south China's Guangdong Province on Wednesday, presenting business opportunities as well as the country's consistent policies for further opening up in a world wracked by economic uncertainty.
China continues to welcome foreign investment, and its biomedical sector, including pet healthcare, is set to grow and expand.
Joey Yeo is among hundreds of international business leaders on the tour. As the founder of two pet healthcare startups in Shanghai, Joey leverages China's pro-foreign direct investment (FDI) measures.
"I think the openness with the local government and the business district has been very fruitful," said Yeo, CEO of HEAL Management Group.
With streamlined approvals and regulatory guidance, Yeo's company plans to scale operations across multiple cities.
"Not just Shanghai, but we used to see other cities as well coming to us and asking us, giving us more opportunities and more understanding how we can actually set a bigger landscape," he said.
Yeo's story reflects broader trends - China's FDI policies have reduced entry barriers, while banks like Bank of East Asia (BEA) offer tailored financial solutions.
"I don't think any multinational company or foreign investors can ignore the huge market capacity, the huge potential of greater China. So we are going through the fintech transformation and by adapting AI, big data, block chains - those kind of technology, we can better help those SMEs in need," said Bi Mingqiang, CEO of BEA(China).
As China prioritizes openness, biomedical firms and financial institutions are forging a symbiotic growth model, proving resilient in a fragmented global economy.
Biomedical companies thrive under China's FDI policies
