OECD regards China's market economy status
(Xinhua)
Updated: 2005-09-17 09:30

China is already a country with a market economy, said Korom Zay, director of Country Studies Economic Department of the Organization of Economic Cooperation and Development (OECD) in Beijing on Friday.

Korom Zay made the remark at a press conference where the OECD publicized its first Economic Survey on China.

According to Korom Zay, China's private economy accounts for two thirds of the national economy, almost the same as that of Britain before Margaret Thatcher, former prime minister launched her famous reform to change most state-owned enterprises into private ones in early 1980s.

Before Thatcher's reform, Britain had already been a recognized market economy country, so China is also a market economy country, he said.

China's economic growth has averaged 9.5 percent over the past two decades, and the rapid pace of economic change is likely to be sustained, said the OECD in its first Economic Survey on China.

"These gains have contributed not only to higher personal incomes, but also to a significant reduction in poverty," the OECD said.

"At the same time, the (Chinese) economy has become substantially integrated with the world economy."

"A large part of these gains have come through profound shifts in government policies, and reforms have allowed market prices and private investors to play a significant role in production and trade."

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