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China faces 1% growth in 2030s if reform lags: World Bank

Joint report with State Council says Beijing's old economic formula needs an overhaul

Chinese President Xi Jinping at opening of the National People's Congress in March. Xi has stressed the role of state-owned enterprises in the Chinese economy.   © Reuters

BEIJING -- China's economic growth rate could drop to 1.7% by the 2030s without reforms to address the country's misallocation of resources, warns a report released Tuesday by the World Bank and a government think tank.

"After nearly four decades of rapid growth, China has entered a new normal of slower growth," said the opening sentence of the "Innovative China" report.

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