China to edge itself into high-income economy by 2020
Updated: 2015-09-14 14:19
By He Yini(chinadaily.com.cn)
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The Chinese mainland is likely to avoid the middle-income trap and become the third high-income economy in five years after South Korea and Taiwan that went through the same process, the Beijing News reported on Sept 14, 2015. [Photo/CFP] |
Many developing countries are faced with the possibility of getting stuck in low- or middle-income trap, but China will be able to avoid that by 2020, the report said citing Justin Lin Yifu, a Chinese economist and professor at Peking University.
According to the National Bureau of Statistics, China's per capita GDP stood at $7,575 in 2014, a growth rate of 12 percent compared with that a year earlier.
China's growth rate of per capita GDP is much faster than that of developed countries' 2 percent average, which makes it possible for the second-largest economy to catch up, said Lin during the first Great Minds China Forum on Saturday.
He added that altogether 13 middle-income economies had succeeded in edging themselves into high-income ones between the year 1950 and 2008, among which only five were Asian countries.
The five are Japan and the "Four Asian Tigers" - Hong Kong, Singapore, South Korea and Taiwan.
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