EU could learn some economic growth lessons from China

The European Union is an economic bloc with disparities among its 28 member states. For example, Luxembourg's per capita GDP last year was roughly 12 times more than Bulgaria's. In addition, Western European countries are better off than their Central and Eastern European counterparts.

This is the stark reality that EU policymakers have to keep in mind while trying to find ways to develop a more prosperous and stable economic bloc. In other words, bridging the development and wealth gap among the member states is a pressing task for EU politicians.

The EU has set 2020 as the target for optimum employment, investment in research and development, low-carbon economic growth and social inclusion. But these targets are at risk of being missed. The job market is still tough, and many companies are not yet capable of investing enough in R&D. And 118.7 million people, or 23.7 percent of the population of the 28 member states of the EU, were at risk of poverty or social exclusion at the end of 2015.