New development philosophy to lead China through middle-income trap-- Beijing Review bjreview.com.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bjreview.com.cn Daily Mail and Mail on Sunday newspapers.
Citizens have leisure time at a commercial street in Shanghai, east China, Aug. 7, 2020. (Xinhua/Fang Zhe)
China is determined to evade the so-called middle-income trap and become a high-income economy in the next 15 years, with its new development philosophy guiding the way. By 2035, the country s per capita GDP will reach the level of moderately developed countries, which means that China will successfully cross the middle-income stage, said Vice Premier Han Zheng in a bylined article commenting on the proposals for formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.
With its per capita GDP above 10,000 U.S. dollars and a middle-income group exceeding 400 million, China is already an upper middle-income economy by the World Bank standard.