NEW DELHI: India should create economies of scale to become wealthy, as China has done, leading independent Chinese economist Andy Xie suggested, while terming the Donald Trump-led United States a “destabilising force”.“Business as usual approach will not work anymore. All economies will have to think differently and create their own roadmap for creating economies of scale and efficiency, as only this can lead to wealth creation, as has been done by China,” Xie said at the Global Business Summit.“The West is becoming a destabilising force. It is an unfortunate reality we have to live with for long,” he said, speaking at a session on ‘Froth in the Global Economy?’ Xie is a Shanghai-based independent economist specialising in China and Asia, and he writes, speaks and consults on global economics and financial markets.According to Xie, the key for all developing economies in East Asia is to trade among themselves to become richer.Commenting on the perceived bubble in the global financial markets he said the market will be volatile this year because it is not supported by liquidity Xie said that the current bubble is building up largely because the US dollar is a reserve currency and it is being supported by currencies in East Asia, where production and savings happen.“As a result their markets expand and they continue to buy dollars,” he said. “To burst this bubble Chinese currency has to go up. Unless China appreciates its currency other East Asian currencies will not go up.”Managing economy with financial markets is not sustainable, Xie said. “It will give you some growth but that will be for a short while and would not be big enough,” he said. In 1997-98, the Hang Seng Index fell over 70% in a year. The S&P 500 did something similar in 2000 and 2007.On the recent stock market downturn, Xie had earlier said that the real collapse would be much worse. “The current stock market bubble is much greater than on those three occasions. When the real crash comes, it will be worse,” he had said.