China’s economic model ‘working well’
Posted: Friday, March 20, 2009 3:20 PM
BEIJING – In an exclusive interview with NBC News in Beijing, prominent American economist Joseph Stiglitz discussed the challenges facing leaders at the upcoming G-20 summit and lauded China’s handling of the global economic crisis.
Formerly chief economist of the World Bank and co-winner of the Nobel Prize in economics in 2001, Stiglitz is in Beijing as part of a high-powered delegation from New York’s Columbia University. They are here to celebrate the opening of the new Columbia Global Center in Beijing that will promote inter-disciplinary research on global issues.
Stiglitz cited "difficult issues" facing the G-20 meeting of leaders from the world’s biggest economies beginning on April 2 – chief among them being the need to reform international financial institutions and the need for a coordinated global response to the crisis.
He also compared the Chinese and the American economic models.
"What is true is that the Chinese economic model is working very well for China, and what is also true is that the American economic model is not working well for the United States or for much of the rest of the world," he declared.
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