Bernardo M. Villegas
  Page last updated at 02:45 UTC, Tuesday, 16 April 2024 PH
What’s In Store Beyond 2024 (Part 2)
              Following the advice of Dr. Roberto Ocampo to shed our traditional short-termism and insular outlook, we have to try our best to understand developments in  China which has the largest GDP in the entire Indo-Pacific region and will continue to loom large in the economic future of every country in this most dynamic area in the world today, even if the Chinese economy can never return to its double-digit growth rate in GDP in the last century.  As I told the Xinhua News Agency reporter in an interview, the great strength of China is the high rate of innovation among its scientists and entrepreneurs.  The Chinese represent the best role models of what the great economist, Joseph Schumpeter, first defined as the “entrepreneur” in his trail blazing book “The Theory of Economic Development.”  Working together with the scientist, the entrepreneur is the person who finds a new market for an old product; who introduces a new product or service to satisfy an old need; a product or service to satisfy a new need; a new way or technology of producing an old product.  China has been leading, together with India, in our region in the following activities of a Schumpeterian entrepreneur: