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This paper explores the productivity impact of trade, product market and financial market policies over the last decade in China – a fast growing country where, despite significant reform action, regulatory stance remains still far from OECD standards.
Production processes have become global and markets more integrated as trade costs have fallen on the back of technological progress and trade and investment policy reforms. We can no longer base policy decisions on conventional trade statistics that report the gross value of products and services each time they cross borders. Instead, we need to measure how much and where value is added, said OECD Secretary-General in Beijing.
During his visit China, Angel Gurría attended the Global Value Chains in the 21st Century conference, organised jointly by the OECD, UNCTAD, and the WTO in partnership with China's Ministry of Commerce. The Secretary-General also met with several high level representatives of the Chinese government and business.
Skills and educational development for inclusive and sustainable growth are becoming significant drivers in OECD countries.
In recent years, rapid industrialisation, intensified agricultural production and urbanisation in the People's Republic of China has brought greater prosperity and higher living standards to many, but it has also created high demand for energy and raw materials, increased pressure on ecosystems and affected health outcomes.
China is committed to achieving a green economy.
The discussion in the meeting provided some insights into China’s growth model and need to improve competitiveness, particularly in view of the global economic slowdown.
The 2012 Ministerial Council Meeting marks the fifth anniversary of the launching of Enhanced Engagement, aimed at advancing the OECD's relationship with five Key Partners, Brazil, China, India, Indonesia and South Africa. At the 2011 meeting of the OECD Council at Ministerial level (MCM), Members agreed on a Vision Statement which highlighted the priority to be given to developing new forms of partnership and collaboration with each
China and the OECD countries face increasingly similar challenges. We need to deepen our policy exchanges to share our expertise and accumulated experiences, to learn from one another, and to build cooperative solutions at the global level, said OECD Secretary-General.
Innovation is a central element of China’s reform agenda. Chinese innovations have benefited the world throughout history. Today, with the right policy mix, China could continue to inspire new scientific and technological advances, helping to revitalize the global economy.
While China's recent growth trajectory certainly has been notable, the country still faces a number of challenges to build a more inclusive economy as it attains higher levels of prosperity for its citizens, said OECD Secretary-General.