China's recently concluded "two sessions," the National People's Congress and the Chinese People's Political Consultative Conference, reaffirmed China's strategic medium term goal to create a "moderately prosperous society in all respects" by 2020. But "moderately prosperous" is a specifically Chinese term. To give a clearer idea internationally of what achieving this would mean, it is enlightening to give a global comparison for China's goal of "moderate prosperity."
The following article by John Ross, on why China’s economy is so successful, was previously published on the website China & the world economy.
My article ‘China’s socialist model outperforms capitalism’ established factually two key conclusions for global economic and social development. First, that the fastest growing economies since the putting forward in 1989 of the ‘Washington Consensus’ (excluding oil-production dominated economies or countries with populations under 5 million) were not those following this model advocated by the IMF/World Bank but instead those following or deeply influenced by the entirely different China ‘socialist development strategy’ – China, Vietnam, Cambodia and Laos. Second, that 85% of the reduction of the number of those living in poverty in the world were in socialist countries and merely 15% in capitalist ones.
The following article by John Ross, on the world’s four fastest growing economies and China’s economic model, was previously published by Socialist Economic Bulletin.
The article below, by John Ross, on the lessons for Latin America from China's economic success, was previously published by Socialist Economic Bulletin.
A major discussion is taking place in China on the issue of its economy’s ‘supply side’. Naturally there are aspects of this which relate to specifically Chinese issues. Discussion in China also differs fundamentally from that in the West in that it takes place simultaneously in both ‘Western’ and ‘Marxist’ economic terms. Nevertheless the overall framework of this discussion equally relates to the key issues of economic policy in Western countries.
The following article by John Ross sets out the disastrous effects on countries following neo-liberal economic policies - including in Latin America, Europe, and the US. It also analyses the errors in economic theory of neo-liberalism. Its influences also damaged China's economy in the first half of 2012, but following China's government boosting state led investment from mid-2012, China's growth has accelerated again.
The following article by John Ross analyses the economic policies underpinning the slowdown and then the accelerated growth of China's economy in 2012. Since the article was published on china.org.cn on 1 January, the release of new economic data confirms the article. They show that China's GDP expanded by 7.9 per cent year on year in the fourth quarter of 2012, accelerating from 7.4 per cent in the third quarter, and resulting in 2012 full-year growth of 7.8 per cent.
China's economy in 2012 was "a tale of two halves": In the first six months slowdown, even a feeling of developing crisis; in the second half recovery and accelerating growth. The story therefore had a happy ending. But it is worth noting what went wrong in the first half, and how it was corrected in the second, as this contains lessons for the future.
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