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Analysis and Prospects for China to Avoid Middle-Income Trap

In: Proceedings of the 2023 International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2023)

Author

Listed:
  • Songchun Zhang

    (The University of Queensland, Faculty of Business, Economics & Law)

Abstract

In 2021, China’s GDP per capita was US$12,358.797, making it a middle-income country. Whether China can cross the middle-income trap to become a developed country and sustainably contribute to the development of the world economy has become a hot topic of concern for economists around the world. By comparing the GDP per capita, unemployment rate, inflation rate and other socio-economic indicators of related countries and regions, this paper points out that China currently has social problems such as low level of national education, large gap between rich and poor, insufficient innovation capacity and insufficient level of development of advanced manufacturing industry. Finally, this paper gives suggestions and countermeasures on how to improve the national education level, narrow the gap between rich and poor, improve the innovation ability and develop the manufacturing industry.

Suggested Citation

  • Songchun Zhang, 2024. "Analysis and Prospects for China to Avoid Middle-Income Trap," Advances in Economics, Business and Management Research, in: Peng Dou & Keying Zhang (ed.), Proceedings of the 2023 International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2023), pages 341-353, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-441-9_31
    DOI: 10.2991/978-94-6463-441-9_31
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