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
