China faces an inflection point: The ingredients that propelled its rapid expansion and unprecedented development over the past 30 years will not fuel its expansion over the next three decades. Instead, China faces an opportunity to transition to a new wave of prosperity, according to Deloitte Touche Tohmatsu.

To move up the "value chain", China must evolve from relatively commoditised manufacturing and lower-skilled assembly to a more innovation-based economy, which includes design, logistics, financial and business services, high-tech industries and life sciences, says Deloitte Global's report "Competitiveness: Catching the Next Wave in China".

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