Interview: Renowned U.S. economist says there's no "middle-income trap" in China

0 Comment(s)Print E-mail Xinhua, February 10, 2024
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by Xiong Maoling

WASHINGTON, Feb. 10 (Xinhua) -- There is no "middle-income trap" in China, as the country demonstrates significant technological dynamism, a renowned U.S. economist has said.

"The middle-income trap, as in Latin America, arises from a lack of technological dynamism. China is very technologically dynamic," Jeffrey Sachs, a professor and director of the Center for Sustainable Development at Columbia University, told Xinhua in a recent interview.

Noting that Western media is an "echo chamber," the economist said that many journalists covering China lack a comprehensive understanding of its economy.

China is not "hollowing out," Sachs said. "It remains the world's low-cost producer of most of the infrastructure and green technologies needed for the digital-green transformation of the global economy."

The economist argued that what the United States refers to as "de-risking" can be more accurately described as "containment," adding that the U.S. attempts to slow China's growth by putting on trade and technology barriers are "doomed to fail."

"China is too big, too advanced technologically, and too interconnected with the world economy (including the U.S. economy) that the United States is in no position to 'contain' China," said Sachs.

Commenting on Western media's often skeptical attitude towards China's proposals of global public goods such as the Belt and Road Initiative (BRI), the economist said the BRI is a major, highly positive initiative that exemplifies win-win thinking.

"BRI helps the partner countries build 21st century green, digital, connected infrastructure such as 5G, fast rail, and long-distance green power transmission. BRI also supports China's exports of these high-tech, low-cost infrastructure projects," he said. Enditem

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