Innovative China
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.
| Main Authors: | , |
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| Format: | Book biblioteca |
| Language: | English |
| Published: |
Washington, DC: World Bank
2019-09-16
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| Subjects: | GROWTH DRIVERS, LABOR MARKET, MIGRATION, INNOVATION, PRODUCTIVITY, REFORM AGENDA, MARKET DISTORTIONS, TECHNOLOGY DIFFUSION, TECHNOLOGY ADOPTION, COMPETITIVENESS, ECONOMIC OUTLOOK, ECONOMIC GROWTH, SUSTAINABLE DEVELOPMENT, |
| Online Access: | http://documents.worldbank.org/curated/en/833871568732137448/Innovative-China-New-Drivers-of-Growth?cid=WBW_AL_whatsnew_EN_EXT https://hdl.handle.net/10986/32351 |
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