China model suits nation most

The year 2016 might go down in history as a watershed moment for the global economy. Not only did the United Kingdom decide to leave the European Union, but also a globalization skeptic was elected president of the United States. And, in stark contrast to these inwardly looking events, China stepped forward as the champion of globalization and improved global governance.

Shortly after he assumed power, Donald Trump overruled major legacies of his predecessor by pulling the US out of the Trans-Pacific Partnership agreement, and seeking to repeal the Paris Climate Agreement and the Affordable Care Act, known as Obamacare. He is not alone in putting short-term personal influence before long-term national interests, which explains why a slew of economies in the West are either heavily indebted or suffer from waning competitiveness.

What makes China stand apart is its institutional efficiency, which has evolved from its political and cultural traditions, as President Xi Jinping concluded three years ago. At the macro level, the system allows China to make long-term plans and carry them through, an unlikely scenario in Western politics due to the constant reversal of policies whenever there is a change of government.