The great variety of topics in this year's Update allows readers to understand the current shape of the Chinese economy and to think deeply about policies and necessary reforms for future growth and development.

Intro -- Contents -- Figures -- Tables -- Contributors -- Acknowledgements -- Abbreviations -- 1. China's New Sources of Economic Growth: A supply-side perspective -- Part I: Reform and Macroeconomic Development -- 2. Mostly Slow Progress on the New Model of Growth -- 3. New Urbanisation as a...

With its per capita income surpassing US10,000, China has now drawn up ambitious plans to further lift its income to the level of developed countries. Yet various constraints need to be overcome if China is to build on the achievements of the last 40 years and further boost its growth potential.

The phrase 'New Normal' captures the ongoing shift in the pattern and drivers of China's economic growth. China's new growth rate is both slower and imposing difficult structural change. These new economic conditions are challenging yet offer opportunities for China and its economic partners....