Oecd Economic Surveys China 2019

The Economic Survey of China assesses the country’s recent macroeconomic performance and proposes policy measures to promote higher-quality growth. Policy recommendations relate to how to integrate product and labour markets and enhance inclusiveness.

This OECD Economic Survey of China examines recent economic developments, policies and prospects. Special chapters cover skills and education as well as rural development.

India has been a growth champion in recent years and has succeeded in taming inflation, the current account deficit and non-performing loans. India's participation in the global economy has risen, with outstanding performances in some services, while the largest diaspora in the world is an asset in developing new markets. India has also lifted many millions of people out of poverty and has made access to housing for all a priority. Ambitious structural reforms -- including better targeted household support, financial inclusion initiatives, the implementation of the Goods and Services Tax, the Insolvency and Bankruptcy Code, the new approach to federalism and the corporate income tax reform -- have played a key role.

Swiss citizens continue to enjoy high living standards on a range of dimensions. Economic growth has slowed but the healthy labour market is still supporting incomes and consumption. However, risks to the outlook are building. Monetary policy has been very accommodative but low interest rates are adding to financial risks. Fiscal policy is sound and debt low. There is scope to make greater use of available fiscal space. Adapting to population ageing is becoming pressing. This trend, along with digital transformation, will bring new opportunities for the economy and society, but challenges as well. Policies have not kept up with rising life expectancy, particularly the statutory retirement age. Updating the pension system and lowering barriers to working longer would ensure that workers continue to receive adequate incomes during retirement.

China’s economy has strongly rebounded from the deep dive following the COVID-19 outbreak and has returned to its gradually slowing path. Rebalancing from investment to consumption, from manufacturing to services and rural people’s moving to cities have been set back by the pandemic, but need to restart to make growth sustainable and inclusive.

Well-being in New Zealand is generally high, although there is room for improvement in incomes, housing affordability, distribution, water quality and GHG emissions. Economic growth is projected to remain around 21⁄2 per cent. The main risks to the outlook are rising trade restrictions and a housing market correction. Labour market reforms have been initiated to increase wages for the low paid but will need to be implemented cautiously to minimise potential adverse effects. Substantial planned increases in bank capital requirements should reduce the expected costs of financial crises but might reduce economic activity.

OECD's first Economic Survey of China documents the encouraging extent to which structural reforms in China have triggered a durable process of economic development, and points out where additional reform is needed.

OECD's 2013 Economic Survey of China examines recent economic developments, policies and prospects. Special chapters cover inclusive urbanisation and reforms for a healthier environment.