hina will take a solid step toward becoming a high-income country this year, creatin
g more space to deepen reform and expand opening-up, economists said on Friday.
A more balanced growth pattern will help the world’s s
econd-largest economy pass the “middle-income t
rap”, with consumption and high-tech manufacturing leading growth, they said at a B
eijing seminar leading up to the 2019 China Development Forum, which starts on Saturday.
After decades of rapid GDP growth, China’s economy has entered
a new era of moderately slowing expansion and a transition to a high-quality growth model. T
hat has pushed economists to reconsider some long-term issues, such as whether the economy would cool down sh
arply before a considerable rise in wealth, especially after a period of fast growth.
“The key method to ensure China’s role as a high-income country is to
adjust industrial structures and promote productivity,” said Zhu Min, an influ
ential Chinese economist and former deputy managing director at the International Monetary Fund.