China's economic structure produces most rapid development: expert

By: XinhuanetFrom:English Edition of Xinhuanet | Updated: 2018-Mar-7 11:40
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BEIJING, March 7 (Xinhuanet) -- China’s economic structure, a result of Chinese experience, is "unprecedented in practice and has produced the most rapid economic development in human history," said British expert John Ross.

Ross, a Senior Fellow at Chongyang Institute for Financial Studies, Renmin University of China, said this recently to Xinhuanet.

In the interview, Ross spoke highly of China’s economic thinking, especially the reform and opening up policy and the socialist market economy system.

"They are not only practical but also intellectual achievements," said Ross.

The socialist market economy system, with a dominant state sector, gives full play to the role of market as "almost all prices are set and most resources allocated via the market," Ross explained.

"In this framework, China develops the world’s most rapidly growing private economy." he added.

In the past five years, China has been pushing forward the supply-side structural reform to optimize economic structure.

In his view, this strategy builds on, and is the latest stage, of China’s economic development.

He also shared his opinions on some negative voices towards China, attributing them partly to "old-fashioned perception" and partly to "active hostility".

For people who are not up to date with China’s new reality, Ross suggested that they should learn more about China, the world's second-largest economy.

As they gain deeper understanding, they will "increasingly see the importance of mutually beneficial cooperation with China."