Second economic transformation calls for greater domestic consumption

China has successfully transformed from a major agricultural country into the world's top manufacturer through reform and opening-up, and has become the world's second-largest economy.

However, the country is in urgent need of a second economic transformation, given its rapidly aging population and bottlenecks in a growth model driven by exports and real estate.

China's transition to high-quality growth will require an economic rebalancing of its previous growth pattern — from heavy reliance on investment, exports and property toward domestic consumption, advanced manufacturing and the digital economy.