China must urgently implement economic and political reforms if it is to maintain growth of even half the level it managed over the past three decades, the World Bank said in a report released yesterday.
“China has now reached a turning point in its development path,” said Robert Zoellick, World Bank president, in Beijing yesterday. “As China’s leaders know, the country’s current growth model is unsustainable.”
The report warned China faces being ensnared in a “middle-income trap” if it does not address a range of pressing issues, from government interference in the economy to social inequality, weak rule of law and environmental pollution.
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