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Value proposition The Taiwanese scholar given the mandate of
shaping the research agenda of the World Bank and who became the
multilateral bodys first chief economist from a developing country says
the mainlands economic development, guided by Confucian values, will be a
model for other similar economies.
Justin Lin Yifu, an economics professor reputed for development
economics who was named in late February to succeed Francois Bourguignon
as chief economist and senior vice president for development economics at
the World Bank, made the observation last week at a lecture at Hong Kong
University of Science and Technology.
For 10 years from 1995, Lin was at HKUST. At the university, his
research included Chinese economy, economic development, agricultural
economics and economic history.
He left the university in 2005 to work fulltime at Peking Universitys
China Centre for Economic Research.
In his lecture at his alma mater on Tuesday, he explored how Chinese
culture interacts with the countrys economic base and its modernization.
Lin was speaking at a lecture titled Economic Development and Cultural
Renaissance in China. He told the HKUST audience that, by 2030, the
mainlands gross national product would be comparable to that of the United
States.
Confucian philosophy stresses caring for others and being responsible
to society, Lin explained. We should keep that in mind when we are doing
business and cultivating a benevolent economic atmosphere that stresses
less on individualism.
Scholars have explained that a key feature of Confucian thought is
empasis on commonality self-development without trampling on the
development of others.
Lin dismissed as a misconception the argument that conservative
Confucianism hinders economic development, citing Japan and four Asian
tigers as examples. He noted that these were countries that were
influenced by Confucian thought and experienced high growth rates.
He was referring to the East Asian tiger economies of Taiwan,
Singapore, Hong Kong and South Korea. These economies grew well above 6
percent every year over a 30-year period from the 1960s and had high rates
of growth in productivity, often confounding economists and also sparking
an intellectual debate on policies such as investment and
export-orientation that paved the way for the rapid pace of economic
development.
Lin believes the time-tested traditional values have survived many
threats, including challenges from Buddhism.
He noted that Confucian values have demonstrated the power to absorb,
adopt and integrate other beliefs into its own philosophy.
The mainland, the economist believes, will catch up with the US
economy.
I believe China can invent new technology by absorbing foreign skills
and experience, which will eventually lead to prosperity, Lin predicts,
adding that Confucianism will continue to evolve along with economic
progress.
As a result, I hope China will emerge as a country of rich culture with
high productivity.
Lin is expected to assume the World Bank role next month. 2008-04-26 |
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