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World Bank To China: Platforms, Not Products

From its China 2030 Report:

As an economy approaches the technology frontier and exhausts the potential for acquiring and applying technology from abroad, the role of the government and its relationship to markets and the private sector need to change fundamentally. While providing relatively fewer “tangible” public goods and services directly, the government will need to provide more intangible public goods and services like systems, rules, and policies, which increase production efficiency, promote competition, facilitate specialization, enhance the efficiency of resource allocation, protect the environment, and reduce risks and uncertainties.

The subtitle is: “Building a Modern, Harmonious, and Creative High-Income Society,” which seems a little ambitious even for the best economists, but at least they’re aiming high.

Hat Tip: AEI

Posted in Economics.

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