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The world’s second-largest economy is helping drive the global recovery. But to sustain high growth and social cohesion, China needs to continue rebalancing its economy by boosting public spending on human capital and social services, and further reforming pensions and health care.
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.
The OECD’s latest Economic Survey Germany, to be published on Friday 26 March, looks at the impact of the economic crisis on jobs and public finances. It discuss reforming the banking system as well as measures to broaden strong export performance to other sectors of the economy.
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.
In his remarks to the Central Bank of Greece, Mr. Gurría offered the OECD support, expertise, and policy experience to help Greece modernise its economy and put it on a path of sustained growth.
Innovation, education and more competition in the domestic market would help Germany emerge from the economic crisis with a stronger and more balanced economy.
It is easier to climb the social ladder and earn more than one’s parents in the Nordic countries, Australia and Canada than in France, Italy, Britain and the United States, according to a new OECD study.
List of Economic Surveys of Chile
With the help of massive government stimulus action, China is now leading the world economy out of recession, according to a new OECD report.