Reforms are key for China to perform in terms of economic growth and developing into a superpower, says financial analyst Sara Hsu to ABC. The Belt and Road Initiative offers great prospects for the future, but still has to prove it is working, she adds.
Economist Sara Hsu said that while China could be described as an emerging superpower, it has also recently slowed the pace of its many reforms that have been fuelling its growth.
Dr Hsu said the changes being made were also insufficient to transform China into a real market-based economy to compete with the US and other developed economies, while adding that China’s success with its Belt and Road Initiative is also yet to unfold.
“If China is successful in spreading its soft power to other countries by helping them build viable infrastructure, this can boost China’s status, but it will take time and hard evidence that China has what it takes to foster development partnerships in the global south,” she said.
But to be recognised as a true superpower, Dr Hsu said China needed to first reach developed-country status to earn the respect of other developed nations.
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