From China Law Blog:
Great article in today’s Wall Street Journal, entitled, “Why China Grows So Fast“. It is written by Michael Spence, a 2001 Nobel laureate in economics, a senior fellow at the Hoover Institution, a professor emeritus of management in the Graduate School of Business at Stanford University, and chairman of the independent Commission on Growth in Developing Countries and it explains why China’s economy has done so well for so long.
Spence defines “high growth” as GDP growing at more than 7% per year for 25 years or more and notes there are 11 such cases of sustained high growth: Botswana, China, Hong Kong, Indonesia, Korea, Malaysia, Malta, Oman, Singapore, Taiwan and Thailand. “China is the latest case, the largest in terms of population, and the fastest.
According to Spence, though every country’s “sustained high growth is to some extent idiosyncratic, they share certain features:”[Full Text]
