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Zhang Zhengfu Nate Allen Dolphins Jersey , Liu Jie, Wang Xiuqiong


BEIJING, Oct. 23 (Xinhua) -- "The middle income trap" is arecurring concern in developing countries and was once a seriousworry for China.


The concept was first put forward by the World Bank in a 2006report on East ......................................... economies. The theory is that in middle-incomeeconomies, growth slows, nations are unable to generate furthereconomic impetus and per capita GDP stalls.


Japan, the Republic of Korea and Singapore are among a few thathave attained high-income status. Most Latin American countrieshave fallen into the trap, according to World Bank standards.


STEPS TO SAFETY


Through the economic reforms of the past five years Jordan Phillips Dolphins Jersey , China hasseemed more likely to escape the trap.


The wide-ranging reforms Xi Jinping set out in his report to theongoing 19th National Congress of the Communist Party of China(CPC) on Wednesday will make China even more capable of avoidingthe trap, said Liu Yuanchun, an economist and vice-president ofRenmin University of China.


The CPC leader dealt with the core problems facing the economywhich might stagnate growth and pledged to continue supply-sidestructural reform, enhance risk control, improve macro regulation,ease market access and boost innovation, said Liu.


Xi spoke of focusing on the real economy DeVante Parker Dolphins Jersey , and moving industriesup to the medium-high end of the global value chain, and laid outplans to make China a country of innovators.


China will introduce a negative list for market accessnationwide and support the growth of private businesses, Xi said,adding that China will significantly ease market access and furtheropen the service sector.


Xi also said China will improve the financial regulatory systemto "forestall systemic financial risks." On reform of thestate-owned enterprises (SOEs), he called for furthering reform andsupporting state capital in "becoming stronger, doing better, andgrowing bigger."


"I think it will be no problem for China to avert themiddle-income trap Xavien Howard Dolphins Jersey , and we should be confident about this," Liutold media on the sidelines of the congress.


BUILDING ON SOLID GROUND


Liu's confidence stems from the solid foundation of the economyand the goals the Party has set.


While announcing socialism with Chinese characteristics hasentered a "new era," Xi envisioned China developing into a nationwith "socialist modernization basically realized" by 2035, and "agreat modern socialist country" by the middle of the century, witha leading influence in the world.


An immediate goal would be to turn China into a "moderatelyprosperous society" by 2020, doubling GDP from 2010 levels.


Optimism has been building due to the resilience of the economy.GDP has risen by around 26 trillion yuan (about 3.93 trillion U.S.dollars) in the past five years and is well on track to meet thisyear's growth target of about 6.5 percent.


NEW-FOUND CONFIDENCE


The middle-income trap is what happens when economic stabilitybecomes economic stagnation. The World Bank estimated in 2012 thatof 101 middle-income economies in the 1960s, only 13 becamehigh-income ones in 2008.


After the global financial crisis Laremy Tunsil Dolphins Jersey , fears grew that China mightbe the next victim. Growth slowed after three decades ofunprecedented expansion, slipping to 6.7 percent in 2016, thelowest level in over 20 years.


Lou Jiwei, then finance minister, warned at a forum at TsinghuaUniversity in 2015 that, without further reform, China had a "5050chance" of sliding into the middle income trap Cordrea Tankersley Dolphins Jersey , citing a rapidlyaging population and shrinking labor force.


Lou, also a delegate to the 19th CPC National Congress, updatedhis verdict Thursday.


"Now I can state with full confidence that, after the sweepingreforms of the past two and a half years, it will be no problem forChina to avoid the middle income trap," he said on the sidelines ofthe congress.


The ex-minister, currently head of the National Council forSocial Security Fund Raekwon McMillan Dolphins Jersey , credits his optimism to supply-sidestructural reform, granting household residency to migrant workers,reduced government restrictions, judicial reform and free tradezones.


FIGHTING ON EVERY FRONT


Despite all this optimism, it is still too early to announcethat the middle income trap has been well and truly evaded.


The World Bank classifies economies as low, middle or highincome. Middle-income nations are those with a per capita grossnational income (GNI) between 1,036 and 12 Charles Harris Dolphins Jersey ,615 U.S. dollars in2012. China's per capita GNI was 8,260 U.S. dollars in 2016, 93rdin the world.


Liu of Renmin University of China expected China to be ahigh-income country by 2030, but admitted that this would not be aneasy task.


"Transforming the economy will not happen overnight. We mustwait for these new, leading industries to become established andtake the economy to the next level," said Huang Yiping, aneconomist with Peking University.


Innovation is another front. A recent UBS research paper saidthat Women's Davon Godchaux Jersey , "in order to avoid the middle income trap and become a moredeveloped economy, China will have to transform itself from 'madein China' to 'created in China' -- a route backed strongly byBeijing."


"Already a middle income economy, China cannot overcome the trapby simply relying on structural reforms and expanding domesticconsumption," said Edmund Phelps, a Nobel Prize-winning Americaneconomist. "Rather, China needs to develop and promote its ownapproach to technological innovation." Enditem



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