Bangladesh can learn 10 lessons from China's economic development: Prof Xiaoping Wang

Former Vice President of Jiangxi University of Finance and Economics Prof Dr Xiaoping Wang has suggested that Bangladesh can learn ten lessons to its economic development from China's economic development. 

Xiaoping, director of the Research Center for Economic Institutions and Development in China, spoke as the keynote speaker at a webinar titled "Economic explanations of 'Two Miracles' in China: What can Bangladesh learn from it". 

The Daffodil International University Belt and Road Research Centre (DIUBRRC) and the Belt and Road Research Institute of Jiangxi University of Finance and Economics jointly hosted the webinar on Friday.

Professor Dr Mohammed Masum Iqbal, dean of Faculty of Business and Entrepreneurship (FBE) at Daffodil International University; and director of Daffodil International University Belt and Road Research Centre chaired the webinar. 

Professor Dr Rafiqul Islam, former dean of the Faculty of Business and Entrepreneurship, Daffodil International University; and editor-in-chief, DIU Journal of Business and Entrepreneurship has attended the webinar as a session reactor. 

Three of the Webinar discussants continued their talks on China's Two Miracles for Economic Development. They were Prof. Dr. Zhaoyang Wu, Dean of School of International Trade and Economics, and Dean of the Belt and Road Research Institute Jiangxi University of Finance and Economics; Prof. Dr. (Darcy) Weihua Ye, Dean of the Overseas Education School of Jiangxi University of Finance and Economics; ABM Khorshed Alam, Acting Secretary-General of Bangladesh China Silk Road Forum and Former Additional Secretary of the Government of Bangladesh.

The 10 lessons that Prof Dr Xiaoping Wang suggested for Bangladesh's economic development are: 

1. The first and most important point is that China's long-term economic development experience tells us that after decades of exploration, the Chinese have found a development path that suits China's national conditions, that is, the path of a socialist market economy with Chinese characteristics. Therefore, we advocate that every country in the world should seek a development path that suits its own national conditions, although the experience of other countries' economic development can be learned and used for reference.

2. China's long-term economic development experience tells us that, compared with developed countries, the governments of developing countries should play a more active and effective role in the process of economic development. In standard Western economics, the government acts as a night watchman, correcting market failures. However, for developing countries, the government should and can play an important role in promoting economic growth and economic development; otherwise, it is the government's fault.

3. China's long-term economic development experience tells us that the government can effectively organise market economic activities, provide some kind of lubricant for the more efficient operation of the market economy, and reduce market transaction costs. That is to say, the government is not overriding above the market economy, but improving the efficiency of the operation of the market economy. The above two points have enriched our understanding of Western economics and development economics, and deepened our understanding of the relationship between the government and the market. 

4. China's long-term economic development experience tells us that it is necessary to establish a concept of people-centered, to improve people's living standards as the goal of economic development, and take poverty alleviation as a central task. 

5. China's long-term economic development experience tells us that economic development must be conditional on social and political security, social unrest must be prevented, corruption must be vigorously opposed, and a clean political atmosphere must be advocated. 

6. China's long-term economic development experience tells us that it is necessary to formulate some five-year, ten-year, or even longer development plans with a scientific attitude, so as to guide the direction of economic development, enhance the confidence of the people, and improve the efficiency of government. 

7. China's long-term economic development experience tells us that at the very beginning of the economic development stage, we must attach great importance to the opening-up policy, vigorously introduce foreign direct investment, absorb advanced and appropriate foreign technology and management in order to help domestic enterprises to grow and progress. Only in this way can the learning-by-doing effect be effectively enhanced. 

8. China's long-term economic development experience tells us that under different economic environment conditions, we must flexibly use supply-side structural reform and aggregate demand management to achieve the goal of stabilizing the business cycle. 

9. China's long-term economic development experience tells us that it is necessary to properly handle the relationship between economic development and environmental protection. Promote economic development in the process of environmental protection, and protect the environment in the process of economic development. We cannot become what Westerners call a " paradise of pollution". 

10. China's long-term economic development experience tells us that the five new development concepts (innovation, coordination, green, openness, and sharing) are the general principles to guide all economic activities which is another China major innovation and contribution to the theory of Economics Development. 

The webinar was moderated by Dr AKM Mohsin, deputy director of DIU Belt and Road Research Centre in coordination with Mohammad Saiyedul Islam, a Doctoral Fellow in the School of International Trade and Economics at Jiangxi University of Finance and Economics, and senior research fellow of Daffodil International University Belt and Road Research Centre.