FINANCIAL TIMES – “What do you think is unique about the China model?” That was the question posed to me by a television reporter, last time I was in Beijing. My answer was that I don’t think there was a specific Chinese economic model.
There is an East Asian development model of rapid, export-driven industrialisation that was pioneered by Japan, South Korea and Taiwan. What China did was to pursue the same model – at scale. I added that China’s one real innovation was that the country had not liberalised politically as it had grown richer. This sets China apart from the South Koreans and Taiwanese.