BEIJING: China is determined to evade the so-called “middle-income trap” and become a high-income economy in the next 15 years, with its “new development philosophy” guiding the way.
“By 2035, the country’s per capita gross domestic product (GDP) will reach the level of moderately developed countries, which means that China will successfully cross the middle-income stage, ” said vice-premier Han Zheng in a bylined article commenting on the proposals for formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.