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These would boost consumer spending and growth, reducing China's dependence on export markets and investment bubbles.
The bottom line in all this is that the Philippines is doing relatively well because of its lack of dependence on export manufacturing.
Small states are also usually more open to trade, which implies increased dependence on export earnings than other developing countries.
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While the Chinese government has taken steps to shift its economy from a dependence on exports toward one fueled by domestic demand, the progress has been fitful.
"The Chinese left it too long" to change their growth model from dependence on exports to a consumer-led one, Soros said, even though Beijing had "greater latitude" than others to manage such a transition because of its currency reserves, which stand at over US$3tn.
For one, African countries will have to diversify their dependence on exporting raw materials, which is good for state treasuries but does little for local jobs.
It would also help China reduce its dependence on export-driven growth in favor of stronger domestic consumption, one of Beijing's long-term goals.
Such dependence on exports wreaked havoc in the 1990s.
And its overwhelming dependence on exports has made it overwhelmingly vulnerable to changes in world demand.
Thailand is far from alone in wanting to overcome a dependence on exports.
Dependence on exports also exposes Japan to the ravages of the global economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com