Economy moves closer to ‘high-income’ statusn automobile plant in

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.

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