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Nobel laureate: Economic development not for the rich and powerful


What's the purpose of economic development? Nobel laureate in economics Christopher Pissarides emphasizes that "it is to eliminate poverty and improve human well-being, rather than making the rich richer or the powerful more powerful." Speaking at the Hongqiao Forum, he highlights China's transformation into the world's largest trading nation within just 30 years, thanks to its openness. However, the current state of globalization and openness is concerning, as nations exhibit a fragmented mindset instead of a global perspective, undermining global progress.

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