After more than three decades of average annual growth close to 10 percent, Chinas economy is transitioning to a new normal of slower but more balanced and sustainable growth.
Its old drivers of growth -- a growing labor force, the migration from rural areas to cities, high levels of investments, and expanding exports -- are waning or having less impact.
Chinas policymakers are well aware that the country needs new drivers of growth.
This report proposes a reform agenda that emphasizes productivity and innovation to help policymakers promote Chinas future growth and achieve their vision of a modern and innovative China.
The reform agenda is based on the three Ds: removing Distortions to strengthen market competition and enhance the efficient allocation of resources in the economy; accelerating Diffusion of advanced technologies and management practices in Chinas economy, taking advantage of the large remaining potential for catch-up growth; and fostering Discovery and nurturing Chinas competitive and innovative capacity as China approaches OECD incomes in the decades ahead and extends the global innovation and technology frontier.
About the Author The World Bank came into formal existence in 1945 following the international ratification of the Bretton Woods agreements.
It is a vital source of financial and technical assistance to developing countries around the world.
The organizations activities are focused on education, health, agriculture and rural development, environmental protection, establishing and enforcing regulations, infrastructure development, governance and legal institutions development.
The World Bank is made up of two unique development institutions owned by its 185 Member Countries.
The International Bank for Reconstruction and Development (IBRD) focuses on middle income and creditworthy poor countries and the International Development Association (IDA), which focuses on the poorest countries in the world.
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