China at 'turning point,' needs reforms:World Bank

HONG KONG (MarketWatch)
China needs reforms to turn itself in to a high-income country as it has "now reached a turning point," the World Bank and the Development Research Center of China's State Council said Monday, citing the findings of a joint research report to be released later in the day
 "The case for reform is compelling because China has now reached a turning point in its development path
Managing the transition from a middle income to a high-income country will prove challenging," World Bank Group President Robert Zoellick said, according to a statement
The report also noted growing recognition that China's economic growth will gradually decline through year 2030
The report recommends redefining the role of state-owned enterprises and breaking up monopolies in certain industries, lowering entry barriers for private firms and enabling easier access to finance for small and medium-sized enterprises, the statement said. Zoellick is currently in China on a three-day visit