LESSONS FROM CHINA

OPPORTUNITIES, CHALLENGES AND LESSONS OF CHINESE ECONOMIC GROWTH

Nimal Sanderatne

The Sunday Times (Sri Lanka), July 19, 2012

The rise of China is one of the most momentous transformations in modern world history. According to Prof. Premachandra Autukorala, the Chinese economy is likely to overtake the US economy in terms of GDP within this decade, would be the world’s biggest economy in size and be a dominant trading and investment source in the coming decade. Since 2008 China has been the world’s largest exporter, followed by the US, Germany and Japan, in that order.

Prof. Atukorala, who teaches economics at the Australian National University (ANU) and is an Honorary Professorial Fellow of the University of Manchester, UK, made these remarks while delivering the third Gamani Corea Foundation Lecture on the topic “China’s Rise in The World Economy: Opportunities and Challenges for Developing Countries”.

Prof. Atukorala thought that: “The extent to which China becomes either an opportunity or a challenge for a given country is not predetermined but will depend greatly on its own policy choices and internal economic dynamics.” Due to its size, possibilities for further economic expansion, and the uniqueness of its political system, he observed, China poses unprecedented opportunities and challenges for the global community in both economic and geo-political terms. He was of the view that the extent to which China becomes either an opportunity or a challenge depends on the policy choices of other countries and how they respond to China’s rise in the global economy.

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