China could face an economic crisis in the next 20 years if Beijing does not quickly overhaul its development model, World Bank and Chinese government researchers warned on Monday.
The world’s second-largest economy was at a “turning point” and the need for deep reforms was urgent, the analysts said in a report forecasting China’s economic growth would nearly halve in the next two decades.
China must make a number of changes, such as scaling back its vast and powerful state-owned enterprises, breaking up monopolies in strategic sectors and making it easier for small companies to access financing, they said.
“China could postpone reforms and risk the possibility of an economic crisis in the future or it could implement reforms proactively,” according to the “China 2030” report prepared by the World Bank and the Development Research Centre under the State Council, China’s cabinet…
via China ‘risks economic crisis’: World Bank | Bangkok Post: news.
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