In just more than four decades, China's economic miracle, anchored on China's reform and opening up, transitioning from a closed, centrally planned economy to a more market-oriented one, has led to remarkable economic growth, transforming China into the largest trading country in the world and a global economic powerhouse. Moreover, emerging as a pivotal force and an engine of global economic growth, China is a catalyst for worldwide economic advancement, surpassing major economies in its contribution to global GDP growth in recent years. First, the Chinese economic miracle illuminates an alternative pathway to economic advancement, development and modernization for the Global South. Furthermore, developing countries can find inspiration in China's economic approach, which remains grounded in its historical experience. By heeding the lessons of China's economic transformation, these countries can navigate their own paths toward economic development and prosperity accessible to all members of society without compromising national independence, sovereignty, cultural identity, unique values and cherished traditions.

Source: Manila Times February 23, 2024 17:52 UTC