China has weathered the global economic and financial crisis of the past five years better than virtually any OECD country and than many other emerging economies. It is well placed to enjoy a fourth decade of rapid catch-up and improving living standards, notwithstanding various risks: in the near term, global economic conditions might be less supportive than projected; there are also concerns about property prices and excessive off-balance sheet financing by the banking system and local governments; and over the longer run, inequalities and ageing are sources of tension. However, China can avoid the middle-income trap provided reforms are continued or stepped up. Encouragingly, in November 2012, the 18th Congress of the Chinese Communist Party called for further reforms in a number of areas, most of which are touched upon in this Survey ().