CHINA 2030. Quality over speed

There has been a lot of talks about China's economy, its rapid growth since 1978 (when China shifted from centrally planned to market based economy) and its recent slowdown. Most critics on China claim that its growth will gradually slow down. Transitioning from middle-income to high-income status can be more difficult than moving up from low to middle income (WB).

A comprehensive work on China called China 2030. Building a Modern, Harmonious, and Creative Society, was conducted by a joint research team with experts from the World Bank and China (Ministry of Finance, the Development Research Center of the State Council). A four hundred page research work covering China's path 1978 - 2030, its structural reforms, growth through technological convergence and innovation, green development,
security and China's integration in Global

picture source: The Telegraph

Markets, is the product of various workshops, studies, background papers and ideas of the team. The name of the report speaks out about the conviction that China does have the potential to become a modern, harmonious, and creative society by 2030, in case it changes its institutional framework and policy.

For its next stage of development China will have to focus more on its strong sides, such as high savings, skilled labor, urbanization, and new technologies. Important messages from the report include six directions for China's further development. First, develop the private sector by increasing competition and deepening the reforms in land, labor and financial markets. Second, accelerate Chinese innovation by participating in global research. Third, consider "greener" industrial policies. Fourth, promote social security through equal job opportunities. Fifth, to meet fiscal expenditures for local governments and build a more sustainable governance. Sixth, continue being a proactive stakeholder in the global economy.

As more critics keep warning that China's economy is slowing and prove it with daily issued statistics, China itself might be focusing and implementing on its long run strategy looking much further ahead.

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