CHINA China more committed to inclusivity than you might think: media

CHINA

China more committed to inclusivity than you might think: media

Xinhua

20:47, August 06, 2021

HONG KONG, Aug. 6 (Xinhua) -- The secret to China's success is that the country is more committed to inclusivity than you'd think, and its inclusive institutions inspire ordinary individuals to strive, said an opinion piece published recently in the South China Morning Post.

File photo: CFP

"Economists are frequently surprised by the world-beating performance of east China in the Pisa tests, the ultra-high savings rate and the explosion in patent applications in China, and the Chinese people's hard-working spirit: the key here is inclusive Chinese institutions for the ordinary individual," said the article.

Countries need inclusive institutions so people have incentives and opportunities to study, work, invest and innovate, the writer of the article said by quoting what Daron Acemoglu and James Robinson said in their book "Why Nations Fail."

The most essential inclusive institutions usually include property rights, intellectual property, free market and competition law, equal access to education and health care, equal political rights, rule of law, and public supervision, said the article, adding that China has established inclusive institutions for the vast majority in the past 40 years.

The article also mentioned that today, most Chinese believe if they study and work hard, they will be able to live a better life and move up the social ladder. They also believe that successful investments and innovations are more "useful" in creating wealth and changing social status.

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