Xinhua — No middle-income trap for China as restructuring moves forward

Making headway in restructuring, China is seen to have the will and the way to avoid the middle-income trap.…

Rather than adopting large-scale stimulus, China has been pushing forward mass entrepreneurship and innovation to fuel the real economy, and prompting steady growth by restructuring, said Cong Liang, an official with the National Development and Reform Commission.…

In the first half of 2017, newly registered businesses surged to 2.91 million nationwide, up 11.1 percent year-on-year, with 16,000 registered every day on average, according to Xing Zhihong, spokesperson for the National Bureau of Statistics.

"The Chinese economy enjoys bright prospects and will not fall into the middle-income trap", Yang said.

The middle income trap occurs when a country's growth plateaus and eventually stagnates after reaching middle income levels. China became a middle-income country in 2012 after its per capita GDP exceeded 5,000 U.S. dollars, according to the National Bureau of Statistics….

China.org.cn
No middle-income trap for China as restructuring moves forward

Xinhua