Asia's strategic plan for the future

Comment on "How dragon and kangaroo can fly together" (China Daily, May 11)

How does Asia (specifically China) plan to usher in this new 'golden age' without repeating the mistakes made by other countries?

1 Adhere to the wisdom of Deng Xiaoping's maxim: "It is NOT the color of the cat that counts but whether it can catch mice." In other words, productivity is paramount.

2 Live within one's means. The common thread we see going through Western governments is horrendous debts due to the welfare state. China and Asia must not fall into this fiscal trap going forward.

3 Savings of the people provide the means to acquire the necessary capital tools to produce wealth, because you cannot borrow yourself to prosperity.

4 China has over 150 million to 200 million young people being educated each year, and this plus the 450,000 to 600,000 university graduates coming back from overseas will propel China to unimaginable wealth in the future. Education is the key.

5 China and Asia must climb the technology ladder, and this requires hundreds of billions of dollars of investments in basic research and new industrial parks.

6 Build a credible military so that it cannot be defeated in a war and then hope the enemy doesn't start one.

7 Confucius taught that "of all the rites of the people, the most prized is harmony." This means China must live in harmony with its neighbors and avoid wasting resources in futile wars.

8 China must be the first to anchor its money with precious metals like gold and silver as, the yuan is headed to becoming a world reserve currency in the foreseeable future.

9 Give the people the freedom to create wealth and keep their wealth and private properties.

10 Clean up the environment and create a gracious society.

11 Ensure there is justice for all and everyone is equal before the law.

12 Never make the mistake of starting an empire, as ALL empires fall in the end when the money runs out.