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OECD: China's Growth Speeds Up, Reforms Lag

A worker crossing a street in Beijing, March 22, 2013.
A worker crossing a street in Beijing, March 22, 2013.
China's economic growth is likely to accelerate this year and next, according to Friday's report from the Paris-headquartered Organization for Economic Cooperation and Development.

The OECD's experts said China's growth will rise more than half a percentage point and hit 8.5 percent in 2013 and expand even faster the following year. Growth slowed to a 13-year low of 7.8 percent in 2012.

The growth is speeding up even though many of China's trading partners are experiencing economic problems.

But the report's authors said China needs to make major economic reforms if it is to continue rapid growth for a fourth decade. The changes include moving toward market-determined interest rates, opening more areas to private investment and competition, and treating migrants in China's cities more equitably.

China's leaders have pledged to make reforms in the past, but the OECD study says such efforts have stalled in recent years.

The international organization's statistical profile of China can be found here.
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