China to en­ter ....

Pakistan Observer - - ECON­OMY WATCH -

the na­tional econ­omy.

The third stage, up­per mid­dle-in­come (2010–2023), is when the econ­omy en­ters the “new nor­mal.” It is ex­pected to be an­other 13 years be­fore China reaches the high-in­come stage in 2024. Cur­rently in China, high-tech con­tri­bu­tions to eco­nomic growth have reached 55.3 per­cent, but this num­ber is still low com­pared to the stan­dard of de­vel­oped coun­tries.

In the next six to seven years, as­sum­ing China’s cur­rent eco­nomic devel­op­ment con­tin­ues, a well-off so­ci­ety is just around the cor­ner. How­ever, con­sid­er­ing the fact that China’s GNI per capita is only $12,600 (com­pared to $55,000 in the U.S. and $110,000 in Lux­em­bourg), Pro­fes­sor Liu says there is still a long way to march be­fore China be­comes a truly de­vel­oped coun­try.— Agen­cies

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