Arab Today, arab today world bank china\s economy at \turning point\
Last Updated : GMT 18:31:22
Arab Today, arab today
Arab Today, arab today

World Bank :China\'s economy at \'turning point\'

Arab Today, arab today

Arab Today, arab today World Bank :China\'s economy at \'turning point\'

Beijing - AFP

China has reached a \"turning point\" in its economic development, with the pace of growth likely to nearly halve in the next two decades, according to World Bank and Chinese government researchers. The Asian giant must overhaul its economy to avoid a sudden slowdown in growth, such as scaling back its vast and powerful state-owned enterprises and breaking up monopolies in strategic sectors, the analysts said in a report. After averaging 10 percent annual growth for the past 30 years, China\'s export and investment-driven economic model was no longer sustainable, World Bank President Robert Zoellick said at the launch of the \"China: 2030\" study. \"The case for reform is compelling because China has now reached a turning point in its development path,\" Zoellick told a conference in Beijing. \"The country\'s current growth model is unsustainable. This is not the time just for muddling through -- it\'s time to get ahead of events and to adapt to major changes in the world and national economies.\" The report was backed by Vice President Xi Jinping and Vice Premier Li Keqiang, who are expected to succeed President Hu Jintao and Premier Wen Jiabao during a major transition of power that begins at the end of this year. But the report, prepared by the World Bank and the Development Research Centre under the State Council, China\'s cabinet, is likely to face resistance from people with \"vested interests\" in the current model, Zoellick said. \"Reforms are not easy -- they often generate pushback,\" he said. Liu Shijin, Vice Minister of the Development Research Centre, said the reforms were necessary as the world\'s second largest economy slows to five to six percent annual growth in the next 20 years from the current nine percent. Chinese leaders frequently talk about the need to reform the country\'s economic model, partly by reducing its heavy reliance on exports and increasing domestic consumption. But significant reforms have been slow as stability-obsessed leaders try to maintain rapid economic growth seen as essential to create enough jobs for the country\'s 1.3 billion people and keep a lid on unrest.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world bank china\s economy at \turning point\ Arab Today, arab today world bank china\s economy at \turning point\

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world bank china\s economy at \turning point\ Arab Today, arab today world bank china\s economy at \turning point\

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday