China: From the World’s Factory to an Entrepreneurial Hotbed
October 25, 2015

CKGSB Dean Xiang Bing was quoted in Spain’s El País newspaper on 20 October in a wide-ranging discussion of shifts in China’s economic direction over the past thirty years. The piece was published in a special 30th anniversary edition of the paper, which is the number one newspaper in the entire Spanish speaking world, with 15 million unique readers online and many more millions of followers on social media.

On the question of whether China’s 30 years of opening and reform has benefited the entire society, Prof. Xiang said that “Socialism with Chinese characteristics”, as promoted by former Premier Deng Xiaoping, was akin to the “adoption of neoliberalism initiated by Margaret Thatcher or Ronald Reagan.” China, Xiang said, began to show weaknesses in 1988 with soaring corruption, crime and a division between rich and poor that, 30 years on, is one of the main problems facing the country.

Tracking China’s economic drivers, the El País article continued by saying that, by 2005, China had become the world’s factory due to a combination of a huge workforce and low wages, among other factors.

Dr. Xiang Bing, who founded China’s leading entrepreneurial business school and teaches China Business and Globalization to students there, went on to discuss the impact of the internet on the thriving private economy. The internet has, he said, “reduced asymmetries to make it much easier for Chinese companies to learn, or to emulate, others.”

To read the full El País article [in Spanish], please click here.

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