China needs 'renewed reform momentum'

China needs a "renewed reform momentum" to sustain long term growth, the Organisation for Economic Co-operation and Development (OECD) has said. It said the financial sector, urbanization, state ownership and innovation were key areas for reforms. But it added that China had weathered the global financial crisis better than other OECD member countries. It said China was on track to become the world's biggest economy by 2016, after allowing for price differences. "It is well placed to enjoy a fourth decade of rapid catch-up," the OECD said in a survey. It said that there were signs of China's economic growth picking up pace again after the recent slowdown. However, it warned that in order "to sustain vigorous and socially inclusive growth over the longer run, renewed reform momentum is required". BBC