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Unformatted text preview: The OECD on China's economy A model of reform Sep 15th 2005 From The Economist print edition Some advice from the rich man's club THE Organisation for Economic Co-operation and Development has long urged its mainly rich member countries to push ahead faster with structural reforms. Now, in its first full survey of China's economy, the Paris-based club has turned its attention to a non-member whose rapid pace of reform, along with its low levels of public spending and borrowing, would put many European countries to shame. The report oozes praise for China's bold reforms over the past quarter-century, which have allowed market forces a much bigger role in the economy and opened it up to foreign competition and investment. No member of the OECD has embarked on reforms that have restructured or closed thousands of state-controlled firms every year, with millions of job losses. The number of state firms has tumbled from over 300,000 to...
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