Former British Prime Minister Gordon Brown said that China's degree of success will determine global growth, and determine whether the 21st century would be the Asian century.
Recalling the history of China's development in recent years, Brown said under the first wave of modernization, China's progress to middle-income status has been astounding and dramatic.
"In the first decade of the century, China became the world's largest manufacturer. In 2009, China surpassed Germany as the world's largest exporter. In 2010 it passed the U.S. to become the world's largest car producer," according to Brown.
He predicted that China would depend less on exports to the West. In the last decade, merchandise exports to developing economies have already doubled, to 25 percent.
Brown pointed out that China should no longer rely on "one-off" advantages such as the move from an agricultural to an industrial economy, comparatively low-cost labor, and the boost from membership in the WTO.
"China knows it will have to move quickly to exploit the "Third Industrial Revolution" from 3D printing and digital design to nanotechnology, biotechnology and genetics, hence its one million research and development workers and its plans for 100 million more graduates," he said.
Brown also noted that most important barriers to long-term success are the disparities in wealth, now being addressed under Chinese premier's desire to "promote social equity."
Source: Xinhua
