At the inaugural SMU China Forum, former World Bank chief economist Justin Yifu Lin said that China is at a development stage where it is necessary to remove the distortions and bottlenecks in the mechanism for resources allocation. He added that China is "ready" to pursue reforms to allow the market to play a fundamental role in the allocation of resources in the economy. The reason is that China is already at a development stage where it is no longer short of capital and, instead, has an advantage in capital-intensive industries such as automobile and equipment manufacturing.