WASHINGTON: Despite varied circumstances in different countries, China’s poverty alleviation efforts provide valuable lessons for developing countries across the globe, said renowned economist and bestselling author Jeffrey Sachs. “There are a lot of lessons about long-term development that come from China’s experience during the last 40 years,” Sachs, director of the Center for Sustainable Development at Columbia University, told media in a recent video interview.
Sachs laid out three key lessons from China’s practice, with the first one being setting clear goals. “Targets are very important in human life because they keep us focused. They keep us moving forward,” he said. “The lack of goals can really weaken a society.” The second lesson is good capacity for planning, Sachs said, highlighting China’s National Development and Reform Commission and the whole planning structure.
“So creating a framework able to look ahead in a systematic way and plan for five-to 10-year horizons what to do is extremely important,” he said. The third is a broad-based strategy that combines public investment and market-based growth in infrastructure, healthcare and education. “It’s the combination of the two that has been very effective,” Sachs said. As China’s impoverished population decreases, China’s role in the global economy is expanding in many ways, said the economist. “China’s demand for imports from overseas boosts trade and global demand. China’s enormous supply of low-cost and high-quality infrastructure is vital for developing countries aiming to expand their own infrastructure,” he said. –PNP
