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The year 2012 started uneventfully for the literature scene in China but ended with a bang. (Photo source: China Daily)
Justin Yifu Lin says China's advantages in cheap human and environmental resources have died out. The next few years will either see crucial institutional and governance development, or the country's decline.
Lin, whose term with the World Bank ended in 2012, has written Coming into Focus, which touches on the economic crisis with China's growth in mind. Its English version will be published by the Cambridge Press in 2013.
Ba Shusong, deputy director of the finance department of the State Council's Development Research Center, says the new analytical framework goes beyond the Keynesian school and harks back to Adam Smith.