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.
China is currently strengthening its social safety nets and creating a modern welfare state. A minimum income standard is in place for all residents, and nearly everyone benefits from at least some measure of health insurance. But going forward, further reforms are needed to meet the demands of an increasingly urban population, 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.
Mr. Angel Gurría, OECD Secretary-General, was in Beijing from 21 to 24 March 2014 to deliver a speech at the China Development Forum and to hold meetings with several Chinese officials.
Recovery is under way in the world’s advanced economies, underpinned by supportive financial conditions and reduced drag from budgetary tightening, but activity in the major emerging markets is mixed, according to the OECD’s latest Interim Economic Assessment.
Following decades of strong growth, China needs to shift to new sources of growth to continue catching up with advanced economies.
China has shown strong resilience during the crisis, maintaining overall high growth rates, even though the pace has been decelerating since 2011.