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The fiscal and taxation reforms will be more than ever necessary in China to ensure that growth becomes more inclusive. So far, China has had a major success in reducing the poverty. But additional tax reforms will be needed to reduce further inequality in disposable income and across regions, as well as to help reduce the rural-urban divide.
The OECD and China are building a new partnership based on growing collaboration in key policy areas: from social inclusion to urbanisation; from education to green growth; from energy efficiency to corporate governance and taxes, said OECD Secretary-General.
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.
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.
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.
China is becoming an increasingly important player and we need more inclusive global governance so its contribution is crucial. The crisis offers a unique opportunity to build a stronger, cleaner and fairer global economy.
The future of the global economy can no longer be decided among a few developed nations. Emerging economies must be included in the equation. Their experiences, their knowledge, and their contribution are essential, said OECD Secretary General.
The single most important challenge China is facing is that of the shift from export-led growth to an economic and growth model driven by domestic consumption and a better quality of life for its citizens, according to OECD Secretary-General Angel Gurría.