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Archive for May 22nd, 2014

Pragmatic and Effective Market Oriented Reforms, Key to China’s Economic Growth: Prof Bala Ramasamy

Posted by Business in Ghana on May 22, 2014

From Ben Ofosu Appiah, Japan

Through pragmatic and effective market oriented reforms, China has been able to lift over 300 million of its people out of poverty in the last 30 years, an economic achievement no other country has accomplished in the past. This was disclosed by Professor Bala Ramasamy, professor of Economics at China Europe International Business School (CEIBS) in an evening of Strategic Conversation on the topic: Enter the Dragon: Policies to Attract Chinese Investment, at the CEIBS Africa Auditorium in Accra, Ghana on Monday 19th May, 2014.

On how China was able to do this, Prof Bala referred to the famous saying of the former Chinese Premier Deng Xiaoping, the architect of Chinese economic reforms, “crossing the river by feeling the stones” to describe the gradual , experimental way reforms were implemented. These reforms according to the professor were aimed at balancing growth  with social  and economic stability. A mix of fiscal, administrative and employment creation policies were introduced  and local government officials were rewarded for delivering on key reform goals: growth, Foreign Direct Investment (FDI), employment and social stability. Read the rest of this entry »

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