Living standards in China have greatly improved over the past few decades. Both sustained economic growth and an expansion of the social security system have contributed to a sharp reduction in the number of people in poverty.
With persisting slower growth worldwide and in China, over-capacity in some heavy industry sectors, declining profitability, and intensifying competition from other, lower-cost emerging economies, corporate behaviour in China needs to change and focus more on efficiency and sustainability.
The Secretary-General of the OECD, was in Beijing from 10 to 12 September 2017 at the invitation of Prime Minister Li Keqiang to discuss the global economic outlook and how to continue advancing China’s development.
China’s total concessional finance for development reached USD 3.1 billion in 2015, compared to USD 3.4 billion in 2014 (OECD estimates based on Government of China, 2015; and websites of multilateral organisations). In 2015, China channelled USD 233 million through multilateral organisations.
Growth in China has been slowing gradually, but GDP per capita remains on course to almost double between 2010 and 2020. As a result, the Chinese economy will remain the major driver of global growth for the foreseeable future.
On several measures, China has caught up with OECD economies in the area of innovation.
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China has recently undertaken important steps to liberalise foreign direct investment (FDI), placing the country among the top FDI reformer countries according to the OECD FDI Regulatory Restrictiveness Index.
The goal of the Chinese government to achieve a “moderately prosperous society in all respects” by 2020 is centred around improving social welfare throughout the population. One of the essential ingredients to doing this is a further reduction in economic inequality.
As the Chinese economy matures to a slower but more sustainable growth path, policy efforts need to focus more on efficiency, stability and inclusiveness, according to a new OECD report.
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A two-page OECD summary and analysis of the Services Trade Restrictiveness Index results for China.