Publication: Innovative China: New Drivers of Growth
Date
2019-09-16
ISSN
Published
2019-09-16
Author(s)
World Bank Group
Development Research Center of the State Council, The People's Republic of China
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.
Citation
“World Bank Group; Development Research Center of the State Council, The People's Republic of China. 2019. Innovative China; Innovative China: New Drivers of Growth : New Drivers of Growth. © Washington, DC: World Bank. http://openknowledge.worldbank.org/handle/10986/32351 License: CC BY 3.0 IGO.”