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Economic Survey of China 2005

Source: www.oecd.org
Topic: Economic Policy

Sort Desciption: has been a profound evolution of economic policies that. has transformed the efficiency of ... driven by changes in government economic policy that ...

Content Inside: This policy brief presents the assessment and recommendations of the 2005 OECD Economic Survey of China. A draft of this Survey was prepared by the Economics Department. The Economic and Development Review Committee which is made up of the 30 member countries and the European Commission held a special seminar to discuss this survey with the participation of the Chinese government. It was revised following the discussions in this seminar and is issued under the reponsibility of the Secretary-General. P OLICY B RIEF Organisation for Economic Co-operation and Development S e p t e m be r 20 05 OECD 2005 Economic Survey of China 2005 Introduction Chinas economic growth has averaged 9 per cent over the past two decades. The rapid pace of economic change is likely to be sustained for some time. These gains have contributed not only to higher personal incomes but also to a significant reduction in poverty. At the same time the economy has become substantially integrated with the world economy. A large part of these gains have come through profound shifts in government policies. Reforms have allowed market prices and private investors to play a significant role in production and trade. Further notable challenges remain: to provide a firm framework for private sector activity; to maintain a stable macroeconomic environment; to reform the financial system; to reduce regional inequalities by reforming fiscal transfers. The private sector is driving growth and can be strengthened further The scope of private ownership has become substantial producing well over half of GDP and an overwhelming share of exports. Private companies generate most new jobs and are improving the productivity and profitability of the whole economy. The government has restructured the state-owned business sector resulting in a massive loss of jobs. Still a large part of the state sector remains to be restructured; policies to facilitate this process have been identified and are being exp ...

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