China’s plan to avoid the middle-income trap is a challenging one

Almost a decade ago, the World Bank and the Development Research Centre of China’s State Council published a report titled China 2030: Building a Modern Harmonious and Creative Society.While the report was presented as a research, its publication was widely viewed as a strategic blueprint for China to escape the “middle-income trap”, a stage of economic development in which income levels stagnate, preventing a country from joining the ranks of rich nations. Key suggestions in the report…

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