Overview
Although China's growth had been rapid over the past two decades, she faces daunting challenges in improving the quality of growth. This book discusses a mix of policies which would assist China in achieving three key medium and long term objectives. Increasing market efficiency and improving the technological capability of Chinese firms is the first. The second objective is to move towards a more equitable society through a reform of intergovernmental fiscal relations and improved public services delivery. Lastly, enforcement of environmental regulation needs to be strengthened and distortions in markets for resources needs to be eliminated to stimulate innovation in this area.
Synopsis
Over the past two decades China's growth has been rapid, social indicators have improved, and poverty levels have inched downward. However,widening inequality, increasing resource and financial imbalances, and growing environmental concerns provide China with daunting challenges in improving the quality of growth.
The rapid growth that will remain China's principal vehicle for raising standards of living and reducing poverty will derive from urbanization, increased market efficiency, and improvement in the technological capability of Chinese firms. But although growth will be critically important, balance among income groups and sectors is likely to be vital for social stability. The needed measures to enhance the quantity and quality of social services and a more effective safety net for the poor will require a number of institutional changes, including a reform of intergovernmental fiscal relations.
Directed at readers working in economic policy, poverty reduction, social development, and urban and municipal finance,China's Development Priorities highlights the significance of the challenges facing China and suggests policies for achieving rapid, balanced, and sustainable growth.