WORLD BANK / CHINA 2030 REPORT

World Bank President Robert B. Zoellick says there is a compelling case for reforms to China's economy, warning the country faces not only global uncertainty but also internal challenges due to a shrinking workforce and aging population. WORLD BANK

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:01:10
• Production Date: 27 February 2012
• Asset Language: Original
• Corporate Name: WORLD BANK
• Subject Topical: ECONOMICS; ECONOMIC CONDITIONS
• Geographic Subject: CHINA
• MAMS Id: U120227d

Description

STORY: WORLD BANK / CHINA 2030 REPORT
TRT: 1:10
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: RECENT / FILE

Shotlist

FILE - 2011 - SHAOXIAGN, ZHEJIANG PROVINCE

1. Wide shot, streets
2. Wide shot, people walking
3. Wide shot, market and stores

22 FEBRUARY 2012 – WASHINGTON D.C.

4. SOUNDBITE (English) Robert Zoellick, President, World Bank:
“I think the Chinese themselves have recognized that that growth model was based primarily on export led growth and to a degree on investment and the imbalances in China and the world economy are going to need to boost domestic demand as well as try to create additional sources of consumption. But there are other issues for example. You have an aging population issue. More people are going to be leaving the workforce in five years than are coming in.”

FILE - 2011 - SHAOXIAGN, ZHEJIANG PROVINCE

5. Wide shot, city street
6. Wide shot, market
7. Med shot, woman buying food

22 FEBRUARY 2012 – WASHINGTON D.C.

8.SOUNDBITE (English) Robert Zoellick, President, World Bank:
“You have increased urbanization which we forecast to go from about 50 to 70 percent. You have big environmental problems because the environment has been placed second or third or fourth place in the overall process. You have a need for trying to help some of the poor people be able to make the adjustment because you have social disruptions as you have disparity of incomes.”

FILE - 2011 - SHAOXIAGN, ZHEJIANG PROVINCE

9. Wide shot, streets with taxis
10. Wide shot, streets with bikes

Storyline

China should complete its transition to a market economy -- through enterprise, land, labor, and financial sector reforms -- strengthen its private sector, open its markets to greater competition and innovation, and ensure equality of opportunity to help achieve its goal of a new structure for economic growth.
These are some of the key findings of a joint research report by a team from the World Bank and the Development Research Center of China’s State Council, which lays out the case for a new development strategy for China to rebalance the role of government and market, private sector and society, to reach the goal of a high income country by 2030.
The report, “China 2030: Building a Modern, Harmonious, and Creative High-Income Society”, recommends steps to deal with the risks facing China over the next 20 years, including the risk of a hard landing in the short term, as well as challenges posed by an ageing and shrinking workforce, rising inequality, environmental stresses, and external imbalances.
The report lays out six strategic directions for China’s future: completing the transition to a market economy; accelerating the pace of open innovation; going “green” to transform environmental stresses into green growth as a driver for development; expanding opportunities and services such as health, education and access to jobs for all people; modernizing and strengthening its domestic fiscal system; and seeking mutually beneficial relations with the world by connecting China’s structural reforms to the changing international economy.