The next phase of development

Innovation and sustainability are the stepping stones that can upgrade industries and services and cement the nation's future

China has begun the next phase in its development as a leading global country. Structural reforms and partial liberalization are easing its reliance on growth through investments and net exports mainly driven by manufacturing. Instead, a model based more on domestic consumption and services and strongly driven by innovation is emerging.

What China will do next to maintain its economic vigor and continue spreading wealth among all its citizens will shape its outlook for generations to come. The challenge is that the factors that have served it so well in the past are different from those that will help it succeed in the future.