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But nobody cares about who has the “largest” economy if the GDP per capita is middle income. China has absolutely not blow past the middle income trap. 600M l
by refurb 2y ago
But nobody cares about who has the “largest” economy if the GDP per capita is middle income.
China has absolutely not blow past the middle income trap. 600M live on less than $140/month according to Chinese statistics.
If they hope to get anywhere close to the standard of living of developed countries they will need to quadruple the size of their economy which even at 9% would take 2 decades.
- DiogenesKynikos 2y agoChina's GDP/capita is about 12,000 USD, which is somewhere between Mexico and Poland. Average monthly income in China is about 1400 USD, which is 10x the level you cited. The middle income trap is about countries getting stuck, because they are unable to transition from cheap manufacturing to higher-value-added industries. China has already moved into high-tech sectors in a big way, so it looks like the middle income trap is already irrelevant for China.