But most notably, it has been backed by consistently growing total factor productivity. Efficiency has benefited greatly from the adoption of technologies and know-how from leading advanced economies.2 As occurs in any economic development process, China may be facing diminishing returns from already implemented liberalization policies.
When he takes the floor, everyone stops to listen to him, which is not always the case in international meetings. What has always struck me is that he expresses China’s position in a very clear way but he also aims to move the discussion on, seeking a consensus. That’s extremely valuable in an international discussion.