The President of World bank, Robert Zoellick, has warned that China needs a major economic reform. He said, ‘This is not the time for just muddling through. It’s time to get ahead of events and to adapt to major changes in the world and national economies.’
China has been muddling through for the last 3 or 4 decades and has transformed itself from a poor third world country to the second largest economy in the world. On the other hand, the Americans and Europeans have been so well managed over the same period that the Americans is now the world’s biggest debtor and many of the European countries are running into bankruptcies.
I would recommend that the Chinese leaders should continue to muddle through the way they did and not listen to the World Bank or China would end up like what America and Europe are today.
China, carry on, keep muddling through and be the biggest economy in the next 25 years. Don’t ever listen to advices from people who mismanaged their economies. Never listen to them as their advices are likely to be laced with poison like the apple given to Snow White. The Chinese leaders must have been doing it right for the last few decades to get where they are today. And the losers are trying to teach China how to run its economy with many crying and screaming that the Chinese economy will be doomed for the last 30 years.