China’s growth an opportunity for the rest of the world [Video]

Editor’s note: Michele Geraci was the former undersecretary of state of the Italian Ministry of Economic Development. The video reflects his opinions and not necessarily the views of CGTN.

China has been a unique example in the history of economic development of mankind. It has been really the most successful with 800 million people have been lifted out of extreme poverty, the development of infrastructure, high-speed rail, technology to the most recent advancement in artificial intelligence, 5G, semiconductor, and other types of high tech.

One of the key successes of China lies in its market-state balance. China manages very well to let the market forces develop when that is conducive to growth. But then, when there are problems of crisis, China’s state intervention becomes stronger and therefore manages to ring-fence problems.

This idea of socialism with Chinese characteristics, in my view, is the perfect institutional framework for the situation that we have …