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Overdrive
Ramping up its export juggernaut and taking full advantage of WTO entry, China’s economy in the first decade of the new millennium was “boom with no bust.” The information revolution fed more growth, as hundreds of millions of Chinese came online. But the Internet also became a forum for discontent, and the new leadership team of Hu Jintao and Wen Jiabao acknowledged growing environmental and social justice concerns with their call for a more harmonious society. Then, as the credit crisis in the US spread into a global economic crisis, China’s export-dependent growth appeared in jeopardy, and fears of a Chinese crash surfaced. But, as in 1998, China weathered the storm, and emerged in 2010 as the world’s largest exporter, largest foreign creditor, and fastest growing major economy, poised to soon surpass Japan and eventually eclipse the United States as the biggest economy on the planet. |
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WTO Was a Tool to Accelerate China's GrowthPeriod: Overdrive (2000s)
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Click to expand He saw WTO as a way to accelerate domestic economic reform. As a way to cement it and hold China accountable for it, internationally, which puts additional pressure on China simply as a matter of face. He certainly believed in a more rapid acceleration in growth. I don’t know that even he could have seen how rapid that acceleration was. I always thought, in line with this, that there would be an acceleration in growth. I didn’t see how extraordinarily rapid and robust it would be.
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