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This country note from Going for Growth 2015 for China identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Mr. Angel Gurría, Secretary-General of the OECD, will be in Beijing, from 20 to 22 October 2014 to attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers Meetings.
Reassessing the way in which China grows and placing equity at the centre of the 13th Five Year Plan growth strategy will help to ensure China’s long term growth prospects, giving every citizen the chance to lead a prosperous and fulfilling life, said OECD Secretary-General in Beijing.
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In spite of a slow and uneven global recovery over the past five years, China has maintained strong growth and continued to tackle income inequality, which had been rising, as well as poverty. Drawing on the expertise and collective experience of OECD member and partner countries, this Report presents recent OECD analysis and policy advice in areas that are critical to China’s long-term economic performance and social development.
China has shown strong resilience during the crisis, maintaining overall high growth rates, even though the pace has been decelerating since 2011.
Source: OECD Main Economic Indicators (updated continuously) - Composite leading indicators (CLIs) are calculated for 29 OECD countries (Iceland is not included), 6 non-member economies and 9 zone aggregates. A country CLI comprises a set of component series selected from a wide range of key short-term economic indicators mainly covered in the MEI database.
China is well-placed to avoid the so-called "middle-income trap" and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon.
Urbanisation in China has long been held back by various restrictions on land and internal migration but has taken off since the 1990s, as these impediments started to be gradually relaxed. People have moved in large numbers to richer cities, where productivity is higher and has increased further thanks to agglomeration effects.
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This report presents an update of OECD policy advice in areas that are critical to China’s long-term economic performance and social development. They include food security, social safety nets, health reform, green growth, climate change and urbanisation.