China’s fast pace Development- an impressive example of development
Views: 6978 / Published: 22-11-2016, 08:10

 

China’s fast pace Development- an impressive example of development

 

During the period of 13 October to 2 of November, Cristina Panfil, scientific researcher from National Institute of Economic Research represented Republic of Moldova at the “2016 Seminar on Economic Globalization and China’s Manufacturing for Developing Countries”. The seminar took place in Beijing-(two weeks) and in Hangzhou (one week). To the seminar participated officials from 19 countries. From Republic of Moldova was one official-from NIER. The seminar comprised lectures and excursions to the top Chinese corporations.

Teachers of the seminar presented different parts of Chinese Economic development. The most memorable thing that impressed was China’s economic growth story of the last three decades.

China is worth being taken as an example not only due to its fast pace development, but also for its capability to organize the infrastructure and the public services (public transport for example) in conditions of numerous population and internal migration.  Back in 1980, China was struggling with political bustle and economic mismanagement, and now this country became one of the largest economies in  the world, being ranked  second largest economy by World Bank, and is increasingly playing an important and influential role in the global economy.

Still the cost of high speed growth was serious issues like pollution, a huge gap between rich and poor. But, by mapping this co-evolution of economy and climate, Chinese scientists drafted a startling conclusion: poor and weak countries can escape the poverty trap by first harnessing weak institutions—features that defy norms of good governance—to build markets. Further, adaptive processes, do not automatically occur. Highlighting three universal roadblocks to adaptation, Chinese researchers identify how Chinese reformers crafted enabling conditions for effective improvisation. The current policy of China manufacturing has their goal to change the economy from large to strong. This, by their opinion, can be done by improving the shortcomings of the manufacturing and reducing the gap between rich and poor. China Manufacturing is considered the main engine to promote "One Belt, One Road". The manufacturing industry is the key of joint consultation and joint construction.

There is a popular quote in Chinese wisdom: “"要想富,先修路", in translation “If you want to be rich, build roads”. This explains why China gives such a great importance to infrastructure, because having a good infrastructure, you can develop. Yet, this quote is not the feature of our country (unfortunately), which geopolitically has a good location on the map.  Moldova, similar to China, is an agrarian country and has relatively cheap labor, i.e. managing the domestic economy correctly, it is very possible for our country to achieve good results in development, which is especially needed now, during the stagnation period.