If China followed its own plans, its economy would be in better shape
political slogans expressed as numbered lists. There are, to name a few, the Two Centenaries, the Three Represents and the Four Comprehensives . In a new report the World Bank has made its own contribution to Chinese numerology, introducing the “threes”. These, it says, refer to what China must do to become more productive and innovative: remove economic distortions, diffuse technology and foster discovery.
The World Bank has more experience than most in this, having loaned cash and expertise to China over nearly four decades. Its report, “Innovative China”, published on September 17th, reflects a slightly different approach. It is the third time since 2012 that it has jointly written a policy blueprint with the Development Research Centre, a think-tank under the State Council. It is, in theory, a way to put recommendations into the prime minister’s hands, and perhaps into the next five-year plan.
A closer look does reveal a striking change in tone. The first report, published in 2012, spoke of “the need to accelerate reforms in the state-owned sector”. The latest reads in parts as a restatement of Chinese policy: “state-owned enterprises are at the core of the co-existence between the state and the market.” The 2012 report recommended a big change to, the agency overseeing state firms, calling for it to be limited to regulation rather than asset management.
As for the fraught question of the state’s role in the economy, the Bank is making a subtle point when it echoes official language. Over the past five years China has laid out plans to limit subsidies to state firms and help private-sector rivals fight them on a level terrain. “If China were actually implementing official policy, such as on fair competition, we would be making a lot of progress,” says Martin Raiser, the World Bank’s director for China.
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