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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.
The Chinese labour market is resilient but segmented. The registration system and the attendant restrictions on access to social services impede labour mobility and ought to be gradually relaxed.
Competition is now robust in many sectors but product market barriers remain high overall, which may hold back growth over the longer run.
China’s population is set to age fast, owing to low fertility and rising life expectancy. With ongoing migration of the younger cohorts to urban areas the increase in the old-age dependency ratio will be more pronounced in rural than in urban areas. Very different pension arrangements exist across the country, with diverse and segmented systems in urban areas, belated retirement and low replacement ratios in rural areas, and special
Chile has made impressive progress in educational attainment but still needs to catch up with OECD quality standards, and equity problems need to be addressed.
Chile, now on the path to becoming the OECD’s newest member, is emerging from recession relatively fast on the back of government stimulus measures and a rebound in copper export prices, says a new OECD report.
The main economic challenges are now in the areas of financial market regulation, fiscal and tax policies, productivity, and the education system.
Chile, que está en camino de convertirse en el miembro 31 de la OCDE, emerge de la recesión impulsado por las medidas de estímulo del gobierno y un repunte de los precios de exportación del cobre, según relata un nuevo estudio de la OCDE.
Productivity growth has declined since the late 1990s, slowing the catching-up process. Structural reforms to strengthen competition, entrepreneurship and innovation would go a long way toward enhancing it.
This chapter suggests ways to further bolster the economy’s resilience against shocks by sharpening the fiscal rule in copper price booms, while making room to relax it more in severe downturns.