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China can achieve inclusive growth via reforms: World Bank
20
Mar '18
China can achieve more inclusive and sustainable development with reforms in several sectors to maximise impact and address challenges, says the World Bank Group’s new systematic country diagnostic for China. Titled ‘Towards a More Inclusive and Sustainable Development’, it highlights China’s rapid economic growth and achievements in reducing poverty.

The World Bank Group undertakes a systematic country diagnostic for all its client countries to identify key challenges and opportunities in ending poverty and boosting shared prosperity. The diagnostic is prepared in consultation with national authorities and other stakeholders, and forms the basis for engagement with a country over a four to six year period.

China’s rapid growth was made possible by a wide range of reforms, which transformed a largely rural state-dominated and planned closed economy into becoming a more open and market-based urbanized economy, a Word Bank press release said citing the document.

China’s growth has been slowing to a “new normal” and economic rebalancing is under way. Managing this transition in a sustainable manner will be critical to achieving the country’s development goals. Policies to increase productivity-led growth by promoting innovation, market competition and the private sector would support the achievements of these goals, says the report.

Reforms of the intergovernmental fiscal system and further reforms in the household registration system could reduce income disparities by closing the rural-urban income gap and ensuring equal access to quality education and health services.

Other recommendations for China include a greater reliance on market mechanisms and mobilizing more private financing to boost green innovation and reduce environmental costs and waste. (DS)

Fibre2Fashion News Desk – India


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