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China’s new leadership has signalled that it is time to step up the pace of reform, building on the remarkable economic and social achievements to date while recognising the pressing need for deep structural changes. Indeed, far-reaching reforms are necessary for continuing to raise living standards and well-being, even as China is poised to become the world’s largest economy by around 2016.
China has made tremendous progress toward achieving inclusive growth, but major reforms are needed to ensure a fourth decade of rapidly converging living standards and a greener economy, according to the OECD’s latest Economic Survey of China.
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.
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.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
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This paper depicts the rapid development and transformation of the Chinese economy so far and discusses how to sustain vigorous and inclusive growth.
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.