China enjoys a more stable and balanced growth and is now definitely on course to become the world’s largest economy around 2016. But major reforms are still needed to ensure a fourth decade of rapidly converging living standards and a greener economy, said OECD Secretary-General.
The Secretary-General, Mr. Angel Gurría, was in Beijing to attend the China Development Forum, to present the third OECD economic survey of China and to hold bilateral meetings with key representatives of China's authorities, business and academic world.
The main features of China’s current sub-national finance arrangements date back to the 1994 tax reform. China has a multi-level government structure that shares national tax revenues through a system of tax sharing and transfers, and divides spending assignments and responsibilities.
Sound and transparent corporate governance policies will play a crucial role in reform initiatives and capital market development in China, as well as attracting the international investors required to sustain China’s long term economic growth. In order to support the these reforms, the OECD shares its experiences in the area of corporate governance with China through regular policy dialogue exchanges.
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.
The solar heating and cooling (SHC) roadmap outlines a pathway for solar energy to supply almost one sixth (18 EJ) of the world’s total energy use for both heating and cooling by 2050. This would save some 800 megatonnes of carbon dioxide (CO2) emissions per year; more than the total CO2 emissions in Germany in 2009. While solar heating and cooling today makes a modest contribution to world energy demand, the roadmap envisages that if concerted action is taken by governments and industry, solar energy could annually produce more than 16% of total final energy use for low temperature heat and nearly 17% for cooling. Given that global energy demand for heat represents almost half of the world’s final energy use – more than the combined global demand for electricity and transport – solar heat can make a significant contribution in both tackling climate change and strengthening energy security.
Skills and educational development for inclusive and sustainable growth are becoming significant drivers in OECD countries.