China Has Great Potential to Join the Ranks of High-Income Countries

Abstract

In 2015, China’s per capita GDP reached US$8000, but there is still a long way to go before reaching high-income status with at least US$12,000 of per capita income. According to the experience of other countries, this is a difficult task. Many countries have failed to join that rank regardless of years of hard work. For China, it is a test on the socialist market economy system with Chinese characteristics as well as on the CPC’s governance capability. In accordance with the requirements of the Third Plenary Session of the 18th CPC Central Committee, China should focus on the “Three Reforms,” unleash the huge potential from the three aspects of reform, and put in place three engines of economic growth, which would be enough to drive China to become a high-income country by around 2022.

This article originally appeared in Reference News, April 7, 2016.