This volume contains the synthesis report and background papers by numerous leading Chinese and international experts for the collaborative research project on China's 12th Five-Year-Plan. The research project was commissioned by the Office of the Central Finance and Economics Leading Group and the National Development and Reform Commission. It was led by the World Bank's first representative in China, Mr. Edwin Lim, and Nobel Laureate in Economics, Michael Spence. It invited prestigious economists with different expertise, including the 2010 Nobel Laureate in Economics, Professor Peter Diamond, and 2018 Nobel Laureate in Economics "the father of the new growth theory" Professor Paul Romer. They have submitted a total of 20 background papers. Edwin Lim, Ian Potter, Paul Romer, and Michael Spence have summarized and refined a concise synthesis report based on these papers.
According to international experience and research, experts analyzed the important issues that China's economic development may encounter in the future, such as changes in growth model, expansion of domestic consumption and of the middle class, changes in population structure and labor market, urbanization and housing policies, regional and income distribution disparities, building old-age social security and pension systems, public finance reforms, China's role in the world economy, and more. The experts made relevant suggestions for alternative coping strategies and policies.
Through the analysis of policy issues and options, policy makers, scholars, and firms can better understand the challenges and further development and transformation of the Chinese economy.
This volume was awarded the Publication Prize of the 17th Sun Yefang Economic Contribution Prize in 2016 by the Sun Yefang Economic Science Foundation. The synthesis report and background papers in English can be downloaded in this website.