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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.
The world economy continues to recover but there is still a considerable dispersion in performance across countries and regions. Dynamic economies, led by China and India, are expected to expand at over 7 percent in both 2011 and 2012. In contrast, OECD countries will expand by only 2.3 percent in 2011 and 2.8 percent in 2012.
In a speech given in Beijing, Angel Gurría recommended that China boost public spending on social infrastructure, including education, health, pensions and social assistance, in order to reduce inequalities, and suggested a more flexible exchange rate regime to avoid looming inflationary pressures.
China’s economy has outperformed all expectations, both over the long haul and, more recently, during the global Great Recession. But structural reforms are still needed in a number of areas such as increased social spending to improve living standards over the longer run, according to the OECD Secretary-General.
Speaking at the China development forum, Mr Gurría said that the world is now emerging from the deepest recession since the 1930s but he added that OECD countries need to face the challenge of ensuring that a strong, jobs-rich recovery takes hold and that potential growth can be restored and maintained over the longer term.
Attending the International tax dialogue conference in Beijing, Mr. Gurría reminded that globalisation requires strengthened international co-operation on taxation which is essential to finance public services, infrastructure development and poverty reduction in rich and poor countries alike.
Mr. Gurría presented in Beijing the 2008 OECD Investment Policy Review of China which assesses recent developments in the Chinese investment environment and focuses on the government’s efforts to encourage responsible business conduct in China, as well as by Chinese enterprises operating abroad.
Mr. Gurría presented in Beijing the first OECD Rural Policy Review of China whose topic is how to build a more diversified rural economy; how can China further stimulate economic activity and overall socioeconomic development in rural areas.
In his speech delivered at the China Development Forum, Mr. Gurría described the OECD strategic response to the crisis. Stronger means making our economies more resilient and able to deliver durable benefits in terms of material well-being. Cleaner is not only in the sense of environmentally sustainable, but also addressing the “darker” side of globalisation, issues like money laundering, corruption and tax evasion that impede us from