Beijing, March 29: Nobel laureate and American economist Thomas Sargent recently gave an exclusive interview to China Media Group. He has visited China multiple times, seeking to uncover the secrets behind its rapid development. He described China’s growth as nothing short of a miracle.
At 82 years old, Sargent reflected on his experiences, noting that when he was 40, China was a very poor country. Today, many cities he has visited are now among the world’s leading urban centers. The unprecedented development achieved by such a large nation in a short time is, in his view, truly miraculous.
Sargent emphasized that for decades, China has consistently embraced openness, engaging in trade of goods and services and promoting cross-border free trade. These factors are key to China’s success. Opening markets, fostering scientific advancement, valuing education, and encouraging a scientific spirit among professors and students are all components of this achievement. The decisions made by Chinese leaders have inspired vitality, innovation, and entrepreneurial spirit, propelling scientific and technological capabilities forward. Currently, China is advancing in various scientific and technological fields. Additionally, the credit for this success also goes to the dynamic spirit and unique character of the Chinese people. History has repeatedly shown that countries that maintain openness, inspire entrepreneurial spirit, and establish stable systems and regulations can achieve significant progress.
In the interview, he praised China’s Five-Year Plans, stating that they are closely interconnected and direct social resources toward specific goals.
Sargent noted that most reputable economists support free trade and the opening of borders for mutual exchange. However, he criticized American politicians advocating for increased tariffs and the return of manufacturing to the U.S., calling such measures contradictory. There is currently no evidence that the manufacturing sector is returning to America. High tariffs could close the U.S. market, preventing the return of manufacturing jobs. This is not a free market economy. He asserted that complete separation from China is impossible, as the country has made significant advancements in fields like engineering, chemistry, and physics.
During the discussion, he stated that in a world filled with uncertainties, stable regulations, reliable commitments, and open cooperation are essential for reducing risks and building trust.
(Source: China Media Group, Beijing)
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