China in 2030 from The Diplomat by Eve Cary

China in 2030

from The Diplomat by Eve Cary

This week, the World Bank issued “China in 2030,” a major report that calls for dramatic economic reforms to maintain China’s current rate of growth. In his opening remarks at the launch conference in Beijing on February 27, World Bank chief Robert Zoellick noted that China faces a number of challenges in the coming years, including a rapidly aging population, resource pressures, environmental issues, and rising inequality.  The report warns that China is at a “turning point in its development path,” and needs a new development strategy. It calls for six changes: 1.      Structural economic reforms 2.      Focus on innovation; 3.      Emphasis on “green” development 4.      Improve social security system; 5.      Strengthen the fiscal system; and 6.      Become a more active global stakeholder.  One of the major takeaways of the report, and one covered by the international media, has been its recommendation to reduce the influence of state-owned enterprises. The implementation of this idea, of course, will face ... Read More...