After more than three decades of average annual growth close to 10 percent, China's economy is transitioning to a "new normal" of slower but more balanced and sustainable growth. Its old drivers of growth - a growing labour force, the migration from rural areas to cities, high levels of investments, and expanding exports - are waning or having less impact.
China's policy makers are well aware that the country needs new drivers of growth. Innovative China proposes a reform agenda that emphasizes productivity and innovation to help policy makers promote China's future growth and achieve their vision of a modern and innovative China. The reform agenda is based on the three Ds:
Removing Distortions to strengthen market competition and enhance the efficient allocation of resources in the economy
Accelerating Diffusion of advanced technologies and management practices in China's economy, taking advantage of the large remaining potential for catch-up growth
Fostering Discovery and nurturing China's competitive and innovative capacity as China approaches OECD incomes in the decades ahead and extends the global innovation and technology frontier.
The World Bank came into formal existence in 1945 following the international ratification of the Bretton Woods agreements. It is a vital source of financial and technical assistance to developing countries around the world. The organization's activities are focused on education, health, agriculture and rural development, environmental protection, establishing and enforcing regulations, infrastructure development, governance and legal institutions development. The World Bank is made up of two unique development institutions owned by its 185 Member Countries. The International Bank for Reconstruction and Development (IBRD) focuses on middle income and creditworthy poor countries and the International Development Association (IDA), which focuses on the poorest countries in the world.