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Economy | Time:May 4 2018 3:05PM
China's reform, opening-up leads to economic miracle
 
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CANBERRA - The achievement made by China since it adopted the reform and opening-up policy in 1978 has been an economic miracle, said Andrew Robb, former Australian federal minister for trade and investment, in an interview with Xinhua.

Robb said hundreds of millions of people in China were lifted out of poverty, which is a remarkable achievement.

"I think it's been an inspiration to many other countries especially in the region to open their doors, open their economies because China has demonstrated in the last 40 years that if you engage with the rest of the world in a constructive manner you can see remarkable economic results," Robb said.

Robb said that improving the lives and the quality of life of individuals in any community is the responsibility of their government. In this sense, the Chinese government should feel very proud of what they have achieved to date.

He said that China is now the biggest trading partner for more than 100 economies in the world, so China's success has had an enormous impact on so much of the world.

"In Australia's case, it's no different," he said.

Many of the things that Australia produces and has are very complementary to what China needs. During the 40 years of China's infrastructure development in particular, the resources and energy products from Australia, which are still going to China in big quantities, was fundamental to China's development, Robb said.

Australia has had 26 years of uninterrupted economic growth. A lot of China's growth has contributed to that success in Australia and that's not dissimilar in other countries, he said.

Currently, trade between Australia and China is moving into areas such as health, education and many other services sectors that Australia has got world-class strength.

Robb said that there's still room for opening up in China.

Robb said the International Import Expo to be held in Shanghai in November this year will be a great initiative for China's further opening up.

China is such a huge market in such a developing market, everyone around the world in the trading sense is looking to play a part, said Robb.

"It will further turbocharged a lot of growth opportunities in both ways, not only for China but also for the rest of us."

Source: Xinhua
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