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China (People’s Republic of)
In recent years, policymaking in China has put increasing emphasis on stemming the growth in inequality, which had been fairly steep since the 1980s.
Over the past decade, the share of jobs not controlled by the state has increased considerably, whilst employment in agriculture has declined, against the backdrop of ongoing urbanisation.
Overall, health outcomes in China have improved tremendously over the past three decades, especially thanks to the reduction in some traditional infectious diseases.
With ongoing migration of the younger cohorts to urban areas, the increase in the old-age dependency ratio will be even more pronounced in rural than in urban areas.
Chinese financial institutions are now generally stronger and better regulated than a few years ago and the financial system is gradually opening up. However, further reforms are required.
With the help of massive government stimulus action, China is now leading the world economy out of recession, according to a new OECD report.
Competition is now robust in many sectors but product market barriers remain high overall, which may hold back growth over the longer run.
Progressing towards universal, safe, affordable and effective health care will require wide ranging reforms of hospitals, insurance systems, better trained staff and changes in some relative prices
Policymaking in China has put increasing emphasis on stemming the growth in inequality. New indicators suggest that overall inequality has ceased to increase recently, and may even have declined.
China’s monetary policy framework has gradually become more market-based. Going forward, it will need to place less emphasis on quantity-based liquidity controls and more on interest rate changes.