“China’s period of Reform and Opening-up succeeded in getting the country out of the ‘lower middle-income trap,’ but now we stand at the edge of the ‘upper middle-income trap.’ The characteristics of the golden age of development are receding, while those of an ‘age of contradictions’ are becoming more and more striking.”
By
NewsChina
Updated Dec.1
“China’s period of Reform and Opening-up succeeded in getting the country out of the ‘lower middle-income trap,’ but now we stand at the edge of the ‘upper middle-income trap.’ The characteristics of the golden age of development are receding, while those of an ‘age of contradictions’ are becoming more and more striking.”
Economist Jia Kang warning that China faces an economic policy dilemma between getting rid of industrial overcapacity and ensuring workers’ livelihoods.
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