October 1, 2017 marks the 68th anniversary since the founding of the People’s Republic of China under the leadership of the Communist Party of China.
To say that China has come a long way since that historic milestone would be an understatement. Those of us who have had the opportunity to visit China can attest to the enormous strides it has made in nearly every facet of national life. It has overtaken Japan as the second largest economy in the world.
The country recorded substantial growth rates over the past three decades and remains the fastest growing economy in the world.
As a consequence, it has succeeded annually in lifting millions of its people out of poverty. In addition, the country has extended its hand of friendship and solidarity to several countries both in the developed and the developing world.
What I found particularly interesting is the extent to which China has been able to integrate market forces with a socialist distribution mechanism to create and distribute wealth in a reasonably fair and equitable manner. The Chinese model of development is worthy of study especially by third world countries with large populations which are seeking a new development path. China’s embrace of ‘market socialism’ and the building of ‘socialism with Chinese characteristics’ could provide an interesting blueprint for development given the failure of the neo-liberal models of growth and development to, as it were, deliver the goods.
The no-nonsense approach adopted by the Chinese leadership in the quest to stamp out corruption and graft among public officials is also worthy of emulation.
I take this opportunity to congratulate all Chinese both in China and overseas on the occasion of China’s anniversary celebration.