#1China 2030: Building a Modern, Harmonious, and Creative High Income Society China's path: 1978 to 2030 A new development strategy for 2030 Six strategic directions Overcoming obstacles to reform#2China in 2030 If China seizes its opportunities, meets its challenges, and manages its risks, by 2030 it will become: · • • A high income economy with harmonious social, environmental, and global relations driven by creativity and the power of ideas 2#3Risks going forward An unchanged growth pattern could lead to: · Economic risks Social risks Environmental risks External risks 3#4A new development strategy for 2030 The six strategic directions: . . . ● . . Recalibrate the role of government and the private sector to strengthen the market-based economy; Encourage system-wide "open" innovation; Grow "green" Promote equality of opportunity and basic social protection for all Build a strong fiscal system aligned with the evolving role of government Develop win-win relations with the rest of the 4#5. Structural reforms for a market- based economy with sound foundations Redefine the role of government Promote competition and develop the private sector Reform and restructure state enterprises and banks • Deepen reforms in land, labor and capital markets LO 5#6Encourage an open innovation system • Become part of the global R&D network Improve skills Focus R&D support on large firms, and on SMEs and startups in sunrise industries Build stronger legal institutions that effectively enforce intellectual property rights Build "innovative" cities 6#7Seize the opportunity of green development • Incentives • Regulations . ● . Standards Public investments Institutions 7#8Increase equality of opportunity and provide basic social protection ● · Delivering more and better quality public services to underserved rural and migrant populations Ensure secure social safety nets Mobilize all sections of society to share responsibility for financing, delivering, and monitoring social services 80#9Strengthen the fiscal system . . ● Reallocate spending to meet social and environmental challenges Ensure resource availability is commensurate with expenditure responsibility at all levels of government Improve the efficiency of resource mobilization ● Improve government financial management 9#10Achieving mutually beneficial win-win relations with the world . . . . Support an open global trading system Shape global standards Integrate with the global financial system Seek creative ways to share global responsibilities . • Share development experience 10#11Overcoming obstacles to reform implementation Sequencing reforms • Managing shocks • Continuing to encourage local • ● governments to experiment Evaluating government programs rigorously Above all - providing strong leadership 11#12Thank you for your attention! 12