LONDON, Sept. 13 -- Some of the most renowned British scholars on Thursday spoke highly of China's reform and opening up policy which, initiated 40 years ago, continues to transform the county itself and impact the world at large.
China's reform and and opening up initiated in 1978 was "one of the most important events in the 20th century," said Martin Jacques, a professor at Cambridge University, during a forum here themed "40 Years on: China and the World".
It led to "not only the transformation of China, but the beginning of the transformation of the world," and "No one could have imagined where China would be 40 years later," said Jacques.
The reform and opening up policy, initiated by late Chinese leader Deng Xiaoping, required a new mentality back then under enormous conservative pressure and unleashed profound intellectual and political energy which led to where China is today, said the scholar.
China, with its new perception of socialism, has offered "a new example" and "a new possibility" to the world, he said.
"At the heart of Deng's reform policy is innovation," a policy that China prioritizes today, said Jacques.
Meanwhile, Jim O'Neill, chairman of renowned British think tank Chatham House, said China has had the most astonishingly long period of very high economic growth, something the world has never seen before.
To continue its success, O'Neill, former Goldman Sachs chief economist known for coining the acronym of BRIC in 2001, said China needs to continue to increase the share of consumption in its GDP, further control pollution of the environment, and continue, slowly, the opening of its financial sector.
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