Handbook on China and Globalization
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Handbook on China and Globalization

Edited by Huiyao Wang and Lu Miao

An excellent guide for understanding the trends, challenges and opportunities facing China through globalization, this Handbook answers the pertinent questions regarding the globalization process and China’s influence on the world.
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Chapter 23: A tale of two strategies: economic growth strategy and talent managementstrategy in China

Tony Fang

Abstract

China is one of the greatest winners from globalization, and its economic growth strategy has been most successful in the last four decades since the adoption of economic reform and open door policies. Supported by its huge domestic market and rising standard of living, China’s sustainable economic growth strategy will continue to be an essential part of avoiding the middle-income trap. During this transformation period, the improvement of human capital and innovation policy is crucial. There is some consensus that Chinese government policy can do more to improve the quality of human capital and encourage innovation and high-value production in order to support China’s new growth strategy of moving from a low-cost manufacturing economy to an innovation-driven economy. This chapter recommends the following government policy changes to encourage utilizing the talent at home and abroad: continue to develop the economy through reform and open door policies; support creativity and innovation and implement more vigorous protections of intellectual property rights; expand democracy; fully utilize people who have already returned from abroad; and invest more in science and technology. For the system to work better, future work needs to critically evaluate the real impact of government policies on talent attraction, development, and retention.

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