"China inspires other developing regions, showing that development can lift a country from poverty to prosperity, a complete end to extreme poverty, in just 40 years," said a U.S. economist.

by Xinhua writer Xiong Maoling

WASHINGTON, March 6 (Xinhua) -- China's "goal-based development" represents a "sophisticated and successful form of governance," which has resulted in "the most rapid large-scale economic growth, transformation and technological advance in world history," U.S. economist Jeffrey Sachs has said.

In a recent written interview with Xinhua, Sachs, an economics professor and director of the Center for Sustainable Development at Columbia University, explained how China's method works: "China sets ambitious objectives, systematically analyzes how to achieve those objectives, and then implements national and regional policies systematically to pursue the objectives."

One key element of this development model is the combination of public action and private initiative, he said, adding, "The pursuit of the goals has been based on a mix of public actions with private initiative in a highly fertile combination of the two."

Stressing that state planning is "necessary" to manage the public sector, Sach said that this planning is crucial for physical infrastructure, a considerable amount of research and development, as well as public education, including higher education and the promotion of cutting-edge scientific and technical skills.

Noting that planning in China could be even longer than five years, Sachs said that the Western countries "do not have this long-term perspective or planning system across the economy."

Commenting on China's new quality productive forces, he said that China's advances in green and digital technologies are indeed vital for global sustainable development, including digital infrastructure, zero-carbon energy systems and electric vehicles.

"These technological breakthroughs are good for the world and good for China, a true win-win advance," said Sachs.

He further noted that the China-proposed Belt and Road Initiative is an important sustainable development program for the world, adding he would like to see it expanded, "which would be good for China and good for the rest of the world."

Beyond impressive economic growth, Sachs pointed out that China's modernization offers valuable lessons for other developing regions.

"China inspires other developing regions, showing that development can lift a country from poverty to prosperity, a complete end to extreme poverty, in just 40 years," Sachs said.

"Africa, for example, is deeply inspired by China's remarkable economic advances," he said.

"Africa is also benefiting directly from China's many kinds of support for its development, including the financing and construction of major infrastructure, including rail, power, digital connectivity and other types of infrastructure," he added.