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Nobel Laureate Prof. Michael Spence on the future of economic growth

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Excerpt from Al Jazeera -- "The World Bank estimates that over the next five to 10 years, China will export something like 85-100 million jobs to earlier-stage developing countries, and that they will be replaced by higher-value-added activities. This is the opportunity of the century for the earlier-stage developing countries, because for a long time they’ve been saying, rightly or wrongly, that they can’t compete with China. Well, China is moving on just like Korea did before, and now is their chance."

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