Oct. 23 (NBD) -- Chengdu is an important city in western China and plays a significant role under the Belt and Road Initiative, the Nobel laureate Edward Prescott commented at the recent forum on the current situation and future development of global economy in Chengdu.

Mr. Prescott, who received the Nobel Memorial Prize in Economics in 2004, has visited China several times and known well about the development of Chinese cities. In his eyes, China's rapid economic development benefits from effective, steady and sustainable governance, which is worth studying. Lessons can be drawn from the healthy competition among Chinese cities.

He specially pointed out that Chengdu, an important city in the country's western area, can attract more resources in future competition with its openness to the global community and its great potential in traffic system development. Prescott also noted that Chengdu has many colleges and universities and draws talents here. Besides, the city boasts highly efficient cargo transportation network reaching out to other countries in Asia and Europe, for example, the Chengdu-Europe Express Rail.

The Nobel laureate also spoke highly of China's economic development, saying that it is extraordinary for China to keep a GDP growth rate of nearly 7% and Chinese citizens' living standard has been hugely improved. He attributed the GDP growth to effective, steady and sustainable governance.

China allows competition in different regions, which gave birth to several big cities and fostered an effective and benign competition relationship among those cities, and such competition will drive China's economic development continuously, Prescott added. 

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