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New development philosophy to lead China through middle-income trap-- Beijing Review

New development philosophy to lead China through middle-income trap-- Beijing Review
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New development philosophy to lead China through middle-income trap--China Economic Net

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. ....

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