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OECD Economic Surveys: China 2010. Volume 2010 Issue 6

OECD Economic Surveys. ISSN: 03766438

This 2010 edition of OECD's periodic review of China's economy finds that China's spectacular expansion has continued in recent years, making for impressive improvements in living standards. The slowdown associated with the global financial and economic crisis was contained by massive fiscal and monetary policy stimulus, which has boosted domestic demand. This survey includes chapters on recent achievements and prospects, monetary policy, financial reforms, product market regulation and competition, inequality, the labour market, old-age security and the health care system.

Since the OECD’s first Economic Survey of China in 2005, China has continued to expand rapidly. The economy is also weathering the global crisis remarkably well, not least thanks to prompt and vigorous macroeconomic policy action. Economic expansion is projected to continue over the medium run, and China’s share in the world economy is set to grow further. Despite the recent decline in the current account surplus, some imbalances remain, notably an overly high national saving rate, but ongoing reforms can be expected to help alleviate them over time. Structural reform has continued on a broad front in recent years, with an increasing focus on the need for social cohesion. Even so, efforts are under way or still needed in a number of areas to sustain improvements in living standards over the longer run.

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In fact, China already has the world’s second-largest economy in purchasing power parity terms, and is expected to shortly achieve the same rank at market exchange rates. It already has the world’s secondlargest manufacturing sector and is the world’s largest exporter of goods. Growth will likely continue to be driven largely by investment and a trend shift out of low-productivity agriculture, as the urbanisation rate, which is approaching 50%, continues to rise. While the size of the labour force is not projected to increase much, education levels have soared since the early 1980s, which will support future productivity growth.

Table of Contents

Basic Statistics of China

Executive summary

Assessment and recommendations

Achievements, prospects and further challenges

Further monetary policy framework reform

Progress on financial reforms

Product market regulation and competition

A pause in the growth of inequality?

A labour market in transition

Providing greater old-age security

Improving the health care system

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