China's Next Transformation
Free Public Lecture
In the past 40 years, China has done exceptionally well in economic growth and poverty reduction. As expected, now that China is a higher middle income country, growth has started to slow down, and has become increasingly dependent on capital deepening, much of it credit financed, which is in the end not sustainable. The authorities are well aware that for the coming decades, they need a different growth model—one that is based more on productivity increases and innovation. This notion has been embedded in policies since the mid-2000, and has gained prominence in the 13th Five Year Plan and China’s “Manufacturing 2025” plan for industrial policy.
Bert Hofman, World Bank Country Director will explore where China is in this next transformation, what China can do to accelerate the process, and what the implications are for the rest of the world of China’s next transformation.