Interview: Creativity essential for China's avoiding middle income trap -- U.S. expert
Xinhua by Yang Shilong, Wang Wen, Zhang Zhihuan, April 20, 2017 Adjust font size:
Creativity will be essential for the success of China in addressing challenges such as the middle income trap in terms of adjusting the country's model of growth, said a leading U.S. expert.
"If you look at the larger picture of history, China has produced an extraordinary transformation, and raised hundreds of millions of people out of poverty. It has been a great success story," said Joseph Nye, a distinguished service professor at Harvard University.
"China has been quite effective in its development, the question is how it will adapt as things change," Nye said in a recent interview with Xinhua.
"When circumstances change, you have problems like growing old before you grow rich; when the demographic changes, you have the problem of avoiding the middle income trap in terms of adjusting your model of growth," he said.
The middle income trap refers to a theorized economic development situation where a country which attains a certain income will get stuck at that level.
"These are major challenges for the Chinese party and the Chinese government. And I think the creativity with which we address (these challenges) will be essential for the success of China," he said.