China and OECD agree to co-operate on economic reform agenda

1 Jul 15

China is to work with the Organisation for Economic Co-operation and Development to improve macroeconomic management, deliver structural reforms and strengthen governance.

As Chinese state premier Li Keqiang visited Paris, the OECD and China struck two deals – a joint programme of work for 2015/16 and a medium-term vision statement.

The agreements include pledges to boost macroeconomic management, structural reforms, regulator and public governance, education, innovation and inclusive growth and green growth.

Angel Gurria, OECD secretary-general, said: “China and the OECD are each undergoing substantial transformations in the 21st century.

“This programme will us support China’s economy, as it embarks on a path to a new normal. We have faith that China’s ‘new normal’ will be arrived at in an orderly stable manner, with growth of ‘around’ 7%.”

China has also joined the OECD Development Centre, which brings together countries at different levels to discuss policies that stimulate growth and improve conditions.

This brings the centre’s membership to 49, including 22 non-OECD members including Argentina, Brazil, India, Indonesia and South Africa.

Li added: “Twenty years of co-operation have reinforced trust, mutual understanding and respect. “Together, we can work towards keeping markets open and fair; we can address climate change while increasing economic growth and productivity; we can tackle corruption and tax evasion; and ensure that growth is inclusive and that the fruits of economic progress are shared more equitably among countries and across societies.”

The visit, the first to the OECD by a Chinese state leader, coincides with the 20th anniversary of OECD/China relations as well as with China’s upcoming G20 Presidency in 2016.

  • Judith Ugwumadu
    Judith Ugwumadu

    Judith writes about public finance, public services and economics across Cooking Recipes International and Cooking Recipes. She previously undertook reporting stints at Financial Adviser, Global Security Finance and The Sunday Express.

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