China has the potential to become a modern, harmonious and creative high-income society by 2030 – on the condition that the country can implement a new development strategy in its next phase of development, the World Bank said Monday.

In its latest report titled "China 2030," the Washington-based bank suggested China should complete its transition to a market economy – through enterprise, land, labor and financial sector reforms – strengthen its private sector, open its markets to greater competition and innovation, and ensure equality of opportunity to help achieve its goal of a new structure for economic growth.

The report, a joint work by the World Bank and the Development Research Center of China's State Council, laid out the case for a new development strategy for China to rebalance the role of the government and market, private sector and society, to realize the goal of a high income country by 2030.

"China's leaders have recognized that the country's growth model, which has been so successful for the past 30 years, will need to be changed to accommodate new challenges," said World Bank Group President Robert B. Zoellick yesterday in Beijing.

"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; add to this a global environment that will likely remain uncertain and volatile for the foreseeable future and the need for change assumes even greater importance," Zoellick said.

The report laid out six strategic directions for China's future: completing the transition to a market economy; accelerating the pace of open innovation; going "green" to transform environmental stresses into green growth as a driver for development; expanding opportunities and services such as health, education and access to jobs for all people; modernizing and strengthening the domestic fiscal system; and seeking mutually beneficial relations with the world by connecting China's structural reforms to the changing international community.

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