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China evinces confidence to escape middle-income trap

English.news.cn   2013-12-11 12:34:03            

BEIJING, Dec. 10 (Xinhua) -- The middle-income trap, a term coined by economists, has penetrated into every aspect of policymaking concerning world economic growth, and is frequently discussed when it comes to the developing world.

Since China's per capita GDP topped 3,000 U.S. dollars in 2008, there have been continuous debates internationally over the possibility of the country's slip into the trap like many other developing nations.

On the issue, recently the new Chinese leadership gave a firm answer.

"China will not fall into the middle-income trap," President Xi Jinping resolutely declared at a meeting with members of the 21st Century Council last month.

Such confidence is well-founded on a host of facts and evidences.

Simply put, that is because "China is unique", as some global observers have already pointed out.

ENDOGENOUS GROWTH POTENTIAL

At the macroeconomic level, the biggest endogenous factor spurring China's growth derives from the necessity to realize its new round of modernization. Huge demand will be unleashed amid China's acceleration on the new path toward industrialization, informationization, urbanization and agricultural modernization. The processes will continuously fuel fast economic development.

The endogenous element to maintaining good economic momentum at the micro level entails increasing people's income. In this connection, the Chinese people's aspiration for better lives is acting as an engine for the growing economy.

Economists created the concept of "middle-income trap" based on international experience, which, however, does not necessarily mean the inevitable. For example, U.S. think-tank Atlantic Council was stunned by China's extraordinary progress from a country with an annual GDP of 200 billion dollars in 1980 to more than 8 trillion in 2012, during which 600 million people were lifted out of poverty.

New historical situations beget new development opportunities. A string of major economic policies were rolled out shortly after the Third Plenary Session of the 18th Communist Party of China Central Committee, including the latest decision to reopen the initial public offerings (IPO) on the Chinese stock market and the issuance of 4G mobile phone network licenses.

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Editor: Lu Hui
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