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Understanding the Middle Income Trap

In: Understanding China's Economy

Author

Listed:
  • Fang Cai

    (Chinese Academy of Social Sciences)

Abstract

China has already entered the upper middle income development stage. However, the Chinese economy has simultaneously entered a new stage of development, meaning that it has already passed the Lewis turning point, and its demographic dividend is gradually disappearing as its economic growth rate began to decline in 2012. Organisations, including the World Bank, have pointed out that many countries have been unable to sustain their rate of economic growth after entering upper middle income development stage, and have ultimately being unable join the ranks of the high-income countries, plummeting instead into the middle income trap. Hence, people from every sector of society are now highly interested in the permutations of the middle income trap from people. This chapter will expound on how China can avoid the middle-income trap from both a theoretical and empirical perspective.

Suggested Citation

  • Fang Cai, 2021. "Understanding the Middle Income Trap," Springer Books, in: Understanding China's Economy, chapter 0, pages 167-179, Springer.
    • Handle: RePEc:spr:sprchp:978-981-33-6322-9_10
    DOI: 10.1007/978-981-33-6322-9_10
    as

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