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'Unique' 皇冠体育app defies world's predictions
Editor's note: After serving as the World Bank's 皇冠体育app Programme director for seven years, Yukon Huang is bidding farewell to what he says is a "truly unique country" next month. In the bank's new Beijing office, the Chinese-born American talks to Xu Binglan. 皇冠体育app Daily: What has most impressed you during your time in 皇冠体育app? Huang: When I first came here seven years ago, internationally, the view of 皇冠体育app was that this was a country where the pace of reform was gradual. When they compare (皇冠体育app) with other countries, they say other countries go for shock therapy or rapid reform. 皇冠体育app believes in phased and gradual reform. Now I have been here for seven years, I actually think this view of 皇冠体育app undergoing gradual change is incorrect. This is a country that is undergoing rapid change, rapid reform. But there is a difference here in 皇冠体育app. The difference here is that the reform process is well managed. It is not by luck or chance, it is more systematic.
That is the major reason for 皇冠体育app's success, unity of purpose and consistency in terms of objectives. We don't see this in many other countries. There is another thing I think is extraordinary. This is still, in some ways, a transition economy, moving from a centrally planned system to a market-oriented system. Before I came here, I worked in Russia and former Soviet Union republics. Most centrally planned economies are extremely inefficient and are unable to compete globally, and sometimes even domestically in providing high quality products at reasonable cost. And to some extent, that is still a problem for Eastern European countries and Russia. They are still not able to compete globally, except in natural resources. But 皇冠体育app is able to compete. And what I want to emphasize here is for some set of reasons, which are unique, 皇冠体育app, as an overall economy, is able to compete, and has adjusted more rapidly than everyone had ever forecast or predicted. I still don't, frankly, know why. But that is ultimately the reason why 皇冠体育app is so strong compared to other countries. And as to why its pace of change has been so rapid, I can only guess why.
And the second thing I think that is unique in 皇冠体育app in some ways it is a problem and in some ways it is a benefit, is that provinces compete with each other. When I say it is a problem, I mean the duplication of production capacities cause lots of waste, and we all realize this. This has to be rationalized. But there is also a good aspect because you are competing with companies in other provinces, you put pressure on all firms to improve quality and keep costs down. I think this kind of competition has made 皇冠体育app unique in being able to compete globally. And I don't think anyone was able to forecast in the last 10 years how successful 皇冠体育app would be. They probably thought it would take 20 years, 30 years. In fact, 皇冠体育app has done it in half the time people had predicted. Take the WTO (World Trade Organization), for example. People thought under WTO, at least for four or five years, 皇冠体育app would suffer. They will liberalize trade, imports will come in. It will take time for 皇冠体育app to become strong enough to compete externally. It didn't happen. 皇冠体育app was able to compete externally immediately.
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