Justin Yifu Lin, the Chinese economist, now at Peking University, who was once the chief economist at the World Bank, wrote an article in Asia TImes on Oct. 11 titled “China Must Lead the New Industrial Revolution.” He declares that the 4th industrial revolution has already begun. On China’s relations with the U.S., he writes:
“Since the U.S. became the world’s largest and strongest economy in the late 19th century, it has repeatedly suppressed the world’s second-largest economies that reached 60% of its GDP in order to prevent them from threatening its economic status. A recent example is Japan in the 1980s…. Based on market exchange rates, China’s economic scale has now reached 70% of the U.S. China’s 5G technology has become the world leader in the new industrial revolution. In the past few years, the U.S. has repeated its old tricks and suppressed Chinese companies with groundless accusations, using all of its national resources. If the U.S. succeeds in suppressing China by means of a blockade in the new industrial revolution, China will not be able to achieve its second centennial goal [to “build a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious” by 2049 — ed.] How can China break through the U.S. blockade? It can only do this by working hard to lead the new industrial revolution. Then it will not be blocked, but will reach the technological level of the United States in its developed provinces, and achieve a national per capita GDP equal to half of that of the U.S. by 2049. Therefore, it is a necessity for China to lead the new industrial revolution in order to achieve its second centennial goal by 2049.”
