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Renowned US economist says there's no 'middle-income trap' in China

2024-02-10 23:04     Comment:2


   Interview by Xiong Maoling


    WASHINGTON - There is no "middle-income trap"* in China, as the country demonstrates significant technological dynamism, a renowned US economist has said.

"The middle-income trap, as in Latin America, arises from a lack of technological dynamism. China is very technologically dynamic," Jeffrey Sachs**, a professor and director of the Center for Sustainable Development at Columbia University, has told Xinhua in a recent interview.
Noting that Western media is an "echo chamber," the economist said that many journalists covering China lack a comprehensive understanding of its economy.
China is not "hollowing out," Sachs said. "It remains the world's low-cost producer of most of the infrastructure and green technologies needed for the digital-green transformation of the global economy."
The economist argued that what the United States refers to as "de-risking" can be more accurately described as "containment," adding that the US attempts to slow China's growth by putting on trade and technology barriers are "doomed to fail."
"China is too big, too advanced technologically, and too interconnected with the world economy (including the US economy) that the United States is in no position to 'contain' China," said Sachs.
Commenting on Western media's often skeptical attitude towards China's proposals of global public goods such as the Belt and Road Initiative (BRI), the economist said the BRI is a major, highly positive initiative that exemplifies win-win thinking.

"BRI helps the partner countries build 21st century green, digital, connected infrastructure such as 5G, fast rail, and long-distance green power transmission. BRI also supports China's exports of these high-tech, low-cost infrastructure projects," he said. 

- Xinhua

*The middle income trap is an economic development situation in which a country that attains a certain income (due to given advantages) gets stuck at that level. Source: Wikipedia 

**Prof. Sachs, 69, is known for his work on sustainable development, economic development and the fight to end poverty. - Source: Wikipedia 




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