Asia Society: China’s Reform Program Could Shock The World Economy

Earlier this week the World Bank called upon China to cut its economic growth target of 7.5% for 2015 to 7%, and focus instead on achieving its reform plans. “The current emphasis on meeting short-term growth targets will make it more challenging to implement the policies necessary to shift growth to a more sustainable medium-term path,” said the World Bank In its China Economic Update for October 2014. “China’s key medium-term policy challenge remains implementing reforms that support China’s next transformation toward more efficient, equitable, and sustainable growth,” the Bank added. Given China’s significance in the global economy, its future…