Special Topic on Global Economy:
China Overview: Dissecting the Risks and Opportunities
After all this time, World Bank’s analysis on East Asian Miracle in 1993 might be right,
while Paul Krugman’s Myth of Asia Miracle (1994) was wrong. Krugman (1994) argued
that similar to Russia in the old days, China’s and other Asian Little Tigers' high economic
growths were a result of input expansion, not growth in output per unit of inputs. It was
more of "perspiration" than "inspiration". There were less innovation and the high
growth was a result of heavy central planning. Meanwhile, the World Bank argued that
China’s high economic growth was caused by rapid industrialization and technological
innovation. China did not only invest highly on its infrastructure but also in developing
intellectual abilities. China’s nowadays has probably made the right path to sustain and
ensure qualified economic growth through innovation and technology development.
China’s share of global R&D spending is the second highest after the US
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