Speech at the Session on China’s Economy, Promoting Reforms in Major Areas, and Accelerating the Shift in Driving Forces for Development
Jim Yong Kim, President of the World Bank Group (WBG), offered several strategic considerations for China. First, for the foreseeable future, removing distortions and accelerating diffusion will remain major sources of growth. Getting the basics right – structu...
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| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/746661536589869102/Speech-by-World-Bank-Group-President-Jim-Yong-Kim-at-the-Second-Roundtable-Session-on-China-s-Economy-Promoting-Reforms-in-Major-Areas-and-Accelerating-the-Shift-in-Driving-Forces-for-Development http://hdl.handle.net/10986/31114 |
| Summary: | Jim Yong Kim, President of the World Bank Group (WBG), offered several strategic considerations for
China. First, for the foreseeable future, removing
distortions and accelerating diffusion will remain major
sources of growth. Getting the basics right – structural
reforms in key markets, further improving the broader
business environment, ensuring fair competition, and
investing in broad-based skills of the labor force – should
help drive growth. Second, China should consider how to
balance industrial policies with the notion of the third
plenum, that the market should play a decisive role in
resource allocation. Third, like other countries, China
needs to prepare for how technological change will impact
the labor force. He concluded by saying that China’s
leadership has been critical to promoting an open,
competitive global economy. |
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