Business / Economy

China's changes continue to dazzle Western world

By Cecily Liu (China Daily) Updated: 2014-05-19 07:33

"It brought the realization to those in the West that China could be 'a very mature ally in times like this, and the deals could be done, and it was all pushing forward the Western world's economy'."

China's changes continue to dazzle Western world

China's changes continue to dazzle Western world

That realization has resulted in the West dealing with China as an important economic power, and it is increasingly acceptable for Western leaders to talk to Chinese leaders about trade and investment without having to always bring up the topic of "democracy", he says.

Having closely witnessed China's economic miracle, Hawksley says strong government intervention in infrastructure development and manufacturing is an important aspect of China's success.

Both aspects of the Chinese economy required significant government direction because a lot of China's infrastructure delivery is built in anticipation of future market demand, and China's manufacturing growth was facilitated by a favorable exchange rate to encourage exports. These could not be achieved by the private sector alone.

"Essentially China became the factory for the world. It created jobs for everybody, and there is a spread of wealth coupled with infrastructure growth. You wake up in the morning, and realize you can go on a better train, or get better seats, and that means a lot to many people."

This kind of attitude is especially inspiring for other emerging countries like those in Africa, where China has been welcomed as a partner in building infrastructure.

"What the Chinese say is that they will build a road, a stadium, and they don't tie it with anything else. The engineers go and do that, whereas Western aid is tied with 'human rights and democracy'."

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