The European Journal of Comparative Economics

ISSN: 1824-2979

EJCE Year: 2015, December. Volume: 12 - Issue: 2

Structural Change and Mid-Income Trap - Under which conditions can China succeed in moving towards higher income status?

by Helmut Wagner

Start page: 165 - End page: 188

Keywords: Middle-income trap, economic development, China, structural change, tertiarization, rebalancing

Jel code: O1; O4; O5; P2; P5

Abstract:

After two decades of very high economic growth rates, China has now reached the so-called mid-income range or 'trap', i.e. a development level where it has to expect slower economic growth rates (a 'New Normal') for the future. Associated with that is a structural change towards tertiarization which requires some fundamental rebalancing of China's economy. Overcoming this mid-income trap and further catching up to the most advanced countries in the world is a very demanding task. In order to succeed China has to efficiently manage the mentioned rebalancing (structural change) process towards tertiarization and to undertake many fundamental structural reforms.

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