Innovative China: New Drivers of Growth (Paperback) (ISBN-13: 9781464813351)

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.

Author: Development Research Center of the State,World Bank Group
ISBN-10: 1464813353
ISBN-13: 9781464813351
Publisher: World Bank Publications
Language: English
Published: 12/17/2019
Pages: 184
Format: Paperback
Weight: 1.00lbs
Size: 10.40h x 8.00w x 0.50d