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At the heart of the World Bank’s paper is the middle-income trap – the notion that developing economies tend to stop developing without institutional change once their per capita income reaches $10,000-12,000 a year.
World Bank believes that China can only succeed in becoming a modern, high income country if it implements a six-step series of reforms, namely:
1. Market-based reforms, including redefining the role of government, reforming and restructuring state enterprises and banks, developing the private sector, promoting competition, and deepening reforms in the land, labor, and financial markets.
2. Accelerate the pace of innovation and create an open innovation system in which competitive pressures encourage Chinese firms to engage in product and process innovation not only through their own research and development but also by participating in global research and development networks. Essentially, the World Bank recommends that China seek to move away from being an imitator to an innovator in its own right.
3 Introduce market-based incentives, regulations, public investments, industrial policy, and institutional development that encourages China to transition to a greener economy and fosters more efficient resource use.
4. Reducing inequality by expanding opportunities and promoting social security for all by facilitating equal access to jobs, finance, quality social services, and portable social security.
5. Strengthen the fiscal system by mobilizing additional revenues and ensuring local governments have adequate financing to meet heavy and rising expenditure responsibilities. This reform could also reduce the need for local governments to raise tax revenues via property development and speculation.
6 Sixth, seek mutually beneficial relations with the world by becoming a pro-active stakeholder in the global economy, actively using multilateral institutions and frameworks, and shaping the global governance agenda.
Originally posted by babybunnies
Old story. China has been pushing for some time to have the Yuan as the world's reserve currency.
It's more stable than the US dollar.
Originally posted by Germanicus
reply to post by grantbeed
America will lose its Reserve Currency status before long. The end is near. All the United States has going for it right now is a strong military and the Reserve Currency status. America only keeps the Reserve Currency status because of its military. America cant pay its debt. People will stop buying Government Bonds soon. Hyperinflation is a matter of when,not if.
The BRICS Bank will be the new World Bank. The East will rule the world soon. All most famous celebrities will be hot Asians before too long. America will become a 'developing nation'.
China will overtake the US economy as the worlds largest within 5 years. America will really have no right to the Reserve Currency status by then. So America has 5 years at the most to fix things. I think America has a lot less than 5 years though. And imagine an America with no Reserve Currency status.
All America is is a bunch of parasites sucking all the money while producing nothing of real value,the rest of America works in the Services Industry serving these parasites coffe. America produces hardly anything other than fiat money and debt. What happens when the US dollar is valued at what its really worth?
reply to post by ollncasino
Percentage of World Manufacturing (nominal) EU -24.2% USA - 18% China - 14% Japan - 6.4%
Originally posted by zroth
reply to post by grantbeed
Breaking news: America does not own the entire Earth.
The global bank gets it all at the end of the day.