China's status: A 'half-developed' country?

• Source: Global Times
• [23:16 January 21 2010]
• Comments

With regard to protecting the environment or improving people's welfare and social security system, China is rather behind and these issues are difficult to improve in a short period. Therefore, China is still a developing country.

On the other hand, from the limited viewpoint of space technology and bio-engineering, for instance, China just about makes it to the category of "developed," but, at the most, qualifies as "half-developed."

It is hard to conclude either that China is a wholly developed country, or a developing one as it was defined in the last century.

Rather than denying reality, a clear recognition will help us adjust our strategies and unify with our old or new friends.

This understanding of our situation is critical for our progress.

A senior European expert engaged in China's financial sector once told me, "China keeps one foot in the 'developed vehicle' and the other in 'developing vehicle,' and therefore it should pay double for enjoying the benefit of double treatment." This attitude is worthy of serious study by Chinese intellectuals.

It would be wise for Chinese enterprises to evaluate themselves before taking measures to tap the international market.

Some corporates can hardly restrain their ambition to attain the status of an industry giant in the international market.

However, common sense suggests that developing enterprises are the main components of markets in developing countries. If these companies are "being developed," it is hard to say whether they can truly compete globally or not.

But as we know, what makes a country developed is not merely its GDP, its foreign exchange reserves or its total import- export volume.

More important elements of a developed country come from the level of a nation's technology, the influence of its cultural appeal, its persuasive power, and the effect of its comprehensive power including education, eco-environment and welfare systems.

It took New China 60 years to accomplish the change from a poor agricultural country with semi-feudal, semi-colonial history, to a half-developing half developed socialist country in its primary stage.

Given another 60 years, China won't just "be developed," but way ahead of the most developed countries in many spheres.

The author is the Beijing chief representative of Zurich Bank, Switzerland. globaltimesopinion@ yahoo.com