In the article “OECD Economic Survey: China Overview”, (2017), provide an overview of China economic which concludes in 3 major areas.
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First is managing the gradual slowdown, as the population ages and the economy moves from investment to consumption, from external demand to internal demand and from manufacturing to service rebalancing, growth remains high, but gradually slows. Orderly rebalancing needs to address the problem of excessive corporate balance, overcapacity in real estate and heavy industry, and over-investment in asset market debt financing. Promoting innovation and shifting to more efficient, energy-intensive production is key to increasing productivity, improving quality and sustainability. At the same time, growth needs to become more inclusive. To measure progress in these areas, better and more timely data delivery is critical.
Second is boosting corporate dynamism and performance, R&D spending is much higher than countries with similar GDP per capita, but still lags behind the US and Japan. The patent number has soared with the support of generous subsidies, but the share of invention patents is small. Making business creation easier by removing and unifying licenses, but too many companies are not feasible. Corporate governance is being strengthened by strengthening external monitoring and internal controls, including state-owned enterprises, despite the need to accelerate field progress. Strengthening efforts to curb corruption will improve the quality and resilience of growth.
Finally, ensure inclusive growth by increasing opportunities, income inequality has decreased and poverty levels have improved. However, the income gap between the richest and poorest people remains large. Policy reforms can greatly enhance the redistributive impact system of taxation and transfer, strengthen education and skills, and improve labor market opportunities for marginalized groups. Increasing the adequacy and accessibility of health care and pensions will reduce the high household savings rate and benefit individual well-being and the economy.
These are the main findings and main recommendations. By limiting the leveraged investment in the asset market, to cope with the slowdown in growth that makes the investment riskier and is driving the funds in the real estate and securities markets; Fiscal stimulus measures, including through policy bank lending, can increase short-term growth but may lead to underinvestment. The recommendation is to adopt a prudent fiscal policy to increase public expenditure efficiency by directing funds to high-return areas such as education, health and social security. And avoid capital mismatch by allowing banks to better price risk; The proposal for the controlling shareholder case is usually to deprive minority shareholders through related party transactions, requiring regular publication of company accounts and raising the disclosure standards of all companies; The proposal for intellectual property infringement cases is to prevent patent registration by strengthening intellectual property protection by more systematically prosecuting offenders and raising fines.
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