Renowned U.S. economist praises China's development over decades

Lawrence Summers, a renowned U.S. economist, has praised the achievements made during CHINA's development in the past decades.

"When the history of the first half of the 21st century is written, it will be about CHINA," said Summers at the Harvard Alumni CHINA Public Policy Forum Center for CHINA Globalization Roundtable on Friday in Beijing.

"CHINA has one-fifth of the world's population, and has experienced redistribution from an impoverished nation to a nation setting the pace, from an entirely closed one to one that boasts the most Internet users in the world," said Summers, the Harvard economics professor and former director of the U.S. National Economic Council.

"This change and process makes the industrial revolution look small in terms of scale," he added.

Summers noted that the "U.S. economic failures are due to U.S. economic decisions," and "CHINA is in no way the primary cause of U.S. economic suffering in the Midwest."

He also warned that a recession is likely for the U.S. economy, due to risks of financial excess and geopolitical shock.

Washington has long complained about the U.S. deficit with its trading partners worldwide. The gap, however, is continuing to widen despite tariff measures aiming to eliminate the discrepancy.

Summers said both the United States and CHINA need to accommodate each other on different issues.

"There is great opportunity in this century ... and they need to be respectful and manage coexistence," he added.

Speaking of the Belt and Road Initiative, Summers urged the United States "to be more cooperative."

Separating itself from CHINA and denying itself access to CHINA's big market and technological advances do not serve U.S. economic interests, he noted.