Innovative China

World Bank Group and The People's Republic of China Development Research Center of the State Council

No 32351 in World Bank Publications - Books from The World Bank Group

Abstract: After more than three decades of average annual growth close to 10 percent, China's economy is transitioning to a 'new normal' of slower but more balanced and sustainable growth. Its old drivers of growth -- a growing labor force, the migration from rural areas to cities, high levels of investments, and expanding exports -- are waning or having less impact. China's policymakers are well aware that the country needs new drivers of growth. This report proposes a reform agenda that emphasizes productivity and innovation to help policymakers promote China's future growth and achieve their vision of a modern and innovative China. The reform agenda is based on the three D's: removing Distortions to strengthen market competition and enhance the efficient allocation of resources in the economy; accelerating Diffusion of advanced technologies and management practices in China's economy, taking advantage of the large remaining potential for catch-up growth; and fostering Discovery and nurturing China's competitive and innovative capacity as China approaches OECD incomes in the decades ahead and extends the global innovation and technology frontier.

Keywords: International; Economics; and; Trade-Export; Competitiveness; Macroeconomics; and; Economic; Growth-Economic; Development; Macroeconomics; and; Economic; Growth-Economic; Growth; Poverty; Reduction-Employment; and; Shared; Growth; Science; and; Technology; Development-Technology; Innovation (search for similar items in EconPapers)
Date: 2019
ISBN: 978-1-4648-1335-1
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