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The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

This study was prepared in close consultation with China's National Development and Reform Commission (NDRC). We are deeply grateful to Yang Weimin and Xu Lin for their guidance. Throughout the preparation of this study, we cooperated with the U.K. Department for International Development (DFID), which generously supported the research and other activities financially and intellectually. We are especially indebted to Chris Athayde and Jillian Popkins. We thank David Dollar, Homi Kharas, Yukon Huang, Bert Hofman, Deepak Bhattasali, and Sudarshan Gooptu for their support, encouragement, and comments throughout the preparation of this report. The background notes commissioned for this report provided us with invaluable insights into China's development, future challenges, and policy options.