The global recession is bottoming-out, and strains in banking and financial markets are abating. Nonetheless, huge uncertainties remain. The crisis is not yet over and there will, in all likelihood, be further tests ahead. However, as forward-looking decision-makers, we are well advised to take a step back and consider the longer term as well.
China has been very successful in structural transformation, modernisation and economic growth. Let me highlight three major lessons of China’s development which are of relevance to Uganda and Africa: first, the structural transformation has involved shifting huge numbers of  BIS central bankers’ speeches  1  workers from low productivity agriculture to modern industries, while simultaneously increasing agricultural production.