A multi-sectoral viewpoint in macroeconomics considers, among other things, the process of structural transformation, that is, the reallocation of economic activity across sectors. This perspective has recently gained substantial importance as global productivity growth keeps slowing down and allocation of economic activity from the manufacturing sector to services becomes more visible and eventually unavoidable, also in emerging countries, such as China. Developing a better understanding of the link between productivity and sectoral reallocation should help to shed light on potential future growth and on the policy options to sustain growth.