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Few people imagined how China would change when the country initiated its reform and opening-up policies almost 28 years ago. Without previous experience, the Chinese are following a trial-and-error approach in pressing ahead with the reform process, exploiting a method of development that seemed suitable to national conditions at the time. In an article published in the 21st Century Business Herald,Lou Jiwei, Vice Minister of Finance, looks back at China’s path to revitalize its long-isolated economy. Excerpts follow:
Few people imagined how China would change when the country initiated its reform and opening-up policies almost 28 years ago. Without previous experience, the Chinese are following a trial-and-error approach in pressing ahead with the reform process, exploiting a method of development that seemed suitable to national conditions at the time. In an article published in the 21st Century Business Herald, Lou Jiwei, Vice Minister of Finance, looks back at China’s path to revitalize its long-isolated economy. Excerpts follow: