"Just like any other SOEs, the reform will take time for the industry and the market to adjust, and it needs support from companies and enterprises of all different ownership," he added.
The Chinese mainland is ahead of India and Indonesia in technology and innovation. However, Brazil and Turkey, which according to the report showed great potential in the early 2000s, have lost ground.
When he was in his 20s, Shi had to collect ash rock in the mountains and carry it to town to sell as fertilizer. At daybreak, he would carry two baskets of the ash using a shoulder pole, walk hours on the narrow road along a cliff's edge, and exchange the ash for a bag of rice. He usually didn't return home until after 7 pm. As soon as he finished eating, he would go back to the mine tunnels in the dark to dig more ash for the next day.
The report also praises Hong Kong's labor market, which is highly flexible and efficient, and an advanced macroeconomic environment that slightly lowered its inflation rate last year.