As China Aims to Transform its Economy, Time Is Ripe for a New Round of Reforms

• China’s new leaders could implement a fresh round of institutional reforms needed for long-term sustainable growth.
• China should bolster the independence of the judiciary and promote the growth of small and medium-sized enterprises through financial reforms.
• For more information about the Annual Meeting of the New Champions 2012, please visit: http://www.weforum.org/newchampions

Tianjin, People’s Republic of China, 12 September 2012 – With a leadership change playing out and in the midst of implementing its current Five-Year Plan for sustainable and balanced growth and creating an innovative knowledge economy, China may be poised for a fresh round of reforms that are necessary to achieve its long-term development goals. “The coming three years are critical for the next 20,” Li Daokui, Director of the Center for China in the World Economy (CCWE), People’s Republic of China, told participants in a session on the global implications of China’s transformation at the World Economic Forum’s Annual Meeting of the New Champions. “We still have a lot of institutions which are not conducive to creative activities.”