(IndustryWeek – AFP)
European businesses in China on Tuesday warned the Communist Party urgently to implement promised reforms or risk seeing growth in the world’s second-largest economy plummet and incomes stagnate.
“The ‘golden age’ for business in China is drawing to a close,” the European Union Chamber of Commerce in China said. “China is nearing the end of its window of opportunity to create the framework to rebalance the economy,” it added in its annual European Business in China Position Paper.
“Unless China’s current leadership maintains the requisite sense of urgency and is resolute in their pursuit of reform, there is the very real risk that China’s economic sunrise could dawn into a middle-income trap.” Read more here.