China’s Four Traps
During its 40 years of reform, China has mastered learning by doing, engaged in bold policy experimentation, and become steadily more integrated into global economy. It will need to bring all of this experience to bear, as it attempts to avoid the pitfalls that could derail its effort to achieve high-income status.
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HONG KONG – On the 40th anniversary of the launch of China’s “reform and opening up,” the country is well on its way to recapturing its former status as the world’s largest economy, having made substantial progress toward modernizing its agricultural sector, industry, defense systems, and scientific capabilities. But four major traps lie ahead.