Publication: Innovative China: New Drivers of Growth
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2019-09-16
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2019-09-16
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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.
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“World Bank Group; Development Research Center of the State Council, The People's Republic of China. 2019. Innovative China: New Drivers of Growth. © World Bank. http://hdl.handle.net/10986/32351 License: CC BY 3.0 IGO.”
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