Innovative China: new drivers of growth

China's economy is transitioning to a "new normal" of slower but more balanced and sustainable growth, and its old drivers of growth are waning. Innovative China proposes a reform agenda to promote future growth and achieve a modern and innovative China, focusing on productivity and innovation. The agenda includes removing distortions, accelerating diffusion of advanced technologies and management practices, and fostering discovery and nurturing competitive and innovative capacity.

Format: Paperback / softback
Length: 182 pages
Publication date: 01 February 2020
Publisher: World Bank Publications

China's economy, which has experienced an average annual growth rate of nearly 10% for more than three decades, is now transitioning to a "new normal" characterized by slower but more balanced and sustainable growth. The country's traditional drivers of growth, such as a growing labor force, migration from rural areas to cities, high levels of investments, and expanding exports, are either waning or having a diminished impact. Recognizing the need for new drivers of growth, Innovative China has proposed a reform agenda that focuses on productivity and innovation to support China's future growth and achieve its vision of a modern and innovative nation. The reform agenda is based on three key principles: Removing Distortions to enhance market competition and optimize resource allocation, Accelerating Diffusion of advanced technologies and management practices to capitalize on the significant potential for catch-up growth, and Fostering Discovery and nurturing China's competitive and innovative capacity as it approaches OECD incomes and extends the global innovation and technology frontier.

Dimension: 260 (mm)
ISBN-13: 9781464813351