Learning for China`s Success Story
In 2010 China surpassed Japan as the second largest economy in the world. Goldman Sachs estimates that given current comparative growth rates, China will surpass the U.S. in nominal GDP by 2027. As Justin Yifu Lin wrote in the Asia and the Pacific Mail (March 15, 2010), China's economic development has been "miraculous" since beginning its transition 30 years ago. Like Nobel laureate Paul Krugman in commenting about the so-called "East Asian economic miracle," I hesitate to use the term "miraculous" for the simple reason that a miracle is an event or a phenomenon for which no human explanation can be given. One has to look for supernatural reasons.