China’s $5 Trillion Opportunity (Fred Hu, Jonathan Woetzel, Project-Syndicate)

China is facing the difficult task of managing a soft economic landing, after decades of spectacular expansion. Naysayers abound, but never mind them. China has an advantage that other countries in today’s troubled global economy lack: a clear path forward. If China carries out a sustained, comprehensive effort to raise productivity, it can address its growth challenges, reduce the risks of financial crisis, and complete its transition to a consumption-driven, high-income economy with a large and affluent middle class. If it does, its annual GDP could be an estimated $5 trillion larger by 2030 than it is likely to be if policymakers continue to pursue investment-led growth.

https://www.project-syndicate.org/commentary/china-chance-for-productivity-gains-by-fred-hu-and-jonathan-woetzel-2016-04