Innovative China Av World Bank, The People's Republic Of China Development Research Center Of The State Council

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 policymakers are well aware that the country needs new drivers of growth. This report proposes a reform agenda that emphasizes productivity and innovation to help policymakers promote China''s future growth and achieve their vision of a modern and innovative China. The reform agenda is based on the three D''s: 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; and fostering Discovery and nu

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