wn.com - 3 days ago

China and the Asia-Pacific Economic Cooperation forum share much in common. Forty-seven years ago, China s economic reform program was founded on the principles of openness and step-by-step, pragmatic integration within regional and global supply chains. The big bang approach to reform was eschewed and pro-reform constituencies were cultivated to ensure that the consensus for reform was broad, deep and durable. Just as important, the correct balance between top-down management and bottom-up local initiative was fostered and embedded in historical patterns of growth and development, which prevented patronage-based capture of the system. Thirty-six years ago, APEC was similarly founded on...

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