Can Asia retell Mass Flourishing?

Edmund Phelps firmly believes China needs to innovate more if its economy is to progress to the next stage of development.

The Nobel Prize-winning economist says if it sticks with an infrastructure investment-fueled economic model it risks being stuck in the middle-income trap, the fate of so many developing nations.

"I strongly believe that to enter the next phase of its development, it will have to embrace a radical increase in indigenous innovation.