World Bank says China's economy at 'turning point'
BEIJING (AFP) - China has reached a 'turning point' in its economic development, with the pace of growth likely to nearly half in the next two decades, World Bank and Chinese government researchers said on Monday.
The Asian giant must overhaul its economy to avoid a sudden slowdown in growth, such as scaling back its vast and powerful state-owned enterprises and breaking up monopolies in strategic sectors, the analysts said in a report.
After averaging 10 per cent annual growth for the past 30 years, China's export and investment-driven economic model was no longer sustainable, World Bank President Robert Zoellick said at the launch of the China: 2030 study.
'The case for reform is compelling because China has now reached a turning point in its development path,' Mr Zoellick told a conference in Beijing.