At present, China finds itself at a crucial moment of development. Economic growth should embody the requirement of "sound and fast" development, whose prerequisite should be reasonable and orderly income di...At present, China finds itself at a crucial moment of development. Economic growth should embody the requirement of "sound and fast" development, whose prerequisite should be reasonable and orderly income distribution. Theory and the experience of other countries show that when making the transformation from a moderate to high income society, wide income distribution discrepancies may hinder economic growth. To avoid falling into this trap, China needs to strike a balance between utilizing both market mechanisms and government regulation to achieve a "fair" and "efficient" income balance during the rudimentary and redistribution phase.展开更多
The history of international industrialization shows that Latin American countries and former Soviet Union and Eastern European countries experienced a siginificant drop in economic growth and fell into the middle-inc...The history of international industrialization shows that Latin American countries and former Soviet Union and Eastern European countries experienced a siginificant drop in economic growth and fell into the middle-income trap when their per capita GDP reached 4,000-7,000 international dollar （based on the 1990 prices） as a result of long-term implemented import-oriented strategy and planned economic system. Fortunately, China adopted reform and opening-up policy beginning at a lower development phase and achieved sustained high-speed growth for more than thirty years. Currently, China has surpassed the phase which the above-mentioned countries fell into the middle-income trap. On the other side, experiences of successful runner-ups show that when per capita GDP reached II,000 international dollar （based on the 1990 prices）, economic growth speed will present regularly ＂natural drop ＂. Without internal and external shocks, China＇s economy is expected to reach this level by 2015 and the potential growth rate will possibly drop significantly. In this regard, China＇s toughest challenges will be whether it can effectively prevent and solve the financial risks accumulated during high-speed growth and make a shift to innovation-driven growth model Time is pressing for addressing the above challenges. A fundamental change in the growth model depends on the intensification of reform, in particular, the promotion of an ＂participatory and facilitative reform ＂approach.展开更多
The economic crisis in 2008 dealt a heavy blow to the developed countries and even the whole world. The long-term stable growth of the western economy was broken,and it is mired into the so-called " high-income t...The economic crisis in 2008 dealt a heavy blow to the developed countries and even the whole world. The long-term stable growth of the western economy was broken,and it is mired into the so-called " high-income trap". This paper argues that the reasons why developed countries fall into the " high income trap" can be summarized as three aspects: internal factors,external factors and fundamental reasons. On this basis,this paper analyzes the response strategies and effects of developed countries,in order to provide a reference for our country to be a high-income country while maintaining sustained and stable economic growth.展开更多
China now is in the vital stage of the economic transition,which is facing the severe challenge of spanning the middle- income trap.Only the clear recognization of current domestic and overseas situations,the vigorous...China now is in the vital stage of the economic transition,which is facing the severe challenge of spanning the middle- income trap.Only the clear recognization of current domestic and overseas situations,the vigorous implementation of self- dependent innovation,and the energetic exploitation of international market will contribute to the fundamental industrial restructuring and the early achievement of marching into high- income countries.展开更多
Nowadays, more than 50% of the world population live in middle-income economies. Economies in the middle-income development stage are confronted with a number of challenges, such as economic restructuring, industrial ...Nowadays, more than 50% of the world population live in middle-income economies. Economies in the middle-income development stage are confronted with a number of challenges, such as economic restructuring, industrial upgrade and income growth. Therefore, academia around the worm have paid much attention to theoretical and empirical researches of the ＂middle income trap＂ and long-term trends of global economic growth. Based on analyses about the long-term growth path of the world economy and the characteristics of different stages of economic development, this paper defines the＂middle income trap＂ and its characteristics and examines, through a large number of cases from different economies, the reasons why ＂growth slowdown＂ arises during the middle-income development stage. These theoretic and empirical researches have reference value and heuristic meaning for China to actively respond to the challenges of the ＂middle income trap＂.展开更多
The middle income trap is an objective challenge faced in the development of the economy. There is provision in both the amount and time. It is worth studying why some Latin American countries have fallen into this tr...The middle income trap is an objective challenge faced in the development of the economy. There is provision in both the amount and time. It is worth studying why some Latin American countries have fallen into this trap for decades. This paper analyzed the causes for the middle income trap of Latin American economies. On this basis,it came up with recommendations for China's leaping paths,including accelerating the structural reforms on the supply front to promote industrial transformation and upgrading,deepening the reform and increasing the efficiency with institutional innovation as the core,protecting legitimate property rights,reforming the income distribution,combining accurate poverty alleviation,narrowing the gap between the rich and the poor,performing administration according to laws,vigorously developing education,expanding the opening up,and keeping sustainable growth,so as to successfully leap over the middle income trap.展开更多
Many middle income economies have been unable to advance to become high income economies over a period of 50 years or longer, not due to the existence of middle income traps, but because of the overly broad income ran...Many middle income economies have been unable to advance to become high income economies over a period of 50 years or longer, not due to the existence of middle income traps, but because of the overly broad income range in the definition of middle income economies. The middle income trap is, in essence, a growth trap, and refers to the situation in which a middle income economy experiences growth stagnation or a growth rate that is lower than that of high income economies. Nonetheless, it is hard to fuUy comprehend the formation of the trap solely based on growth theories. Historical data indicate that the middle income economies do not lack growth potential, and the real problem is that although their long-term average growth rates are higher than those of the high income economies, their average growth rates over a business cycle or an even longer period of time often fall below those of the high income economies. The cause of this phenomenon is neither short- fluctuations nor long-term growth potential, but the.frequent occurrence of financial crises in middle income economies. As a middle income economy, China is also facing the risk of a financial crisis, and the key to avoiding the middle income trap is to guard against future financial crises, preventing unsound financial liberalization and mismanagement of the corporate debt ratio.展开更多
文摘At present, China finds itself at a crucial moment of development. Economic growth should embody the requirement of "sound and fast" development, whose prerequisite should be reasonable and orderly income distribution. Theory and the experience of other countries show that when making the transformation from a moderate to high income society, wide income distribution discrepancies may hinder economic growth. To avoid falling into this trap, China needs to strike a balance between utilizing both market mechanisms and government regulation to achieve a "fair" and "efficient" income balance during the rudimentary and redistribution phase.
文摘The history of international industrialization shows that Latin American countries and former Soviet Union and Eastern European countries experienced a siginificant drop in economic growth and fell into the middle-income trap when their per capita GDP reached 4,000-7,000 international dollar （based on the 1990 prices） as a result of long-term implemented import-oriented strategy and planned economic system. Fortunately, China adopted reform and opening-up policy beginning at a lower development phase and achieved sustained high-speed growth for more than thirty years. Currently, China has surpassed the phase which the above-mentioned countries fell into the middle-income trap. On the other side, experiences of successful runner-ups show that when per capita GDP reached II,000 international dollar （based on the 1990 prices）, economic growth speed will present regularly ＂natural drop ＂. Without internal and external shocks, China＇s economy is expected to reach this level by 2015 and the potential growth rate will possibly drop significantly. In this regard, China＇s toughest challenges will be whether it can effectively prevent and solve the financial risks accumulated during high-speed growth and make a shift to innovation-driven growth model Time is pressing for addressing the above challenges. A fundamental change in the growth model depends on the intensification of reform, in particular, the promotion of an ＂participatory and facilitative reform ＂approach.
文摘The economic crisis in 2008 dealt a heavy blow to the developed countries and even the whole world. The long-term stable growth of the western economy was broken,and it is mired into the so-called " high-income trap". This paper argues that the reasons why developed countries fall into the " high income trap" can be summarized as three aspects: internal factors,external factors and fundamental reasons. On this basis,this paper analyzes the response strategies and effects of developed countries,in order to provide a reference for our country to be a high-income country while maintaining sustained and stable economic growth.
文摘China now is in the vital stage of the economic transition,which is facing the severe challenge of spanning the middle- income trap.Only the clear recognization of current domestic and overseas situations,the vigorous implementation of self- dependent innovation,and the energetic exploitation of international market will contribute to the fundamental industrial restructuring and the early achievement of marching into high- income countries.
文摘Nowadays, more than 50% of the world population live in middle-income economies. Economies in the middle-income development stage are confronted with a number of challenges, such as economic restructuring, industrial upgrade and income growth. Therefore, academia around the worm have paid much attention to theoretical and empirical researches of the ＂middle income trap＂ and long-term trends of global economic growth. Based on analyses about the long-term growth path of the world economy and the characteristics of different stages of economic development, this paper defines the＂middle income trap＂ and its characteristics and examines, through a large number of cases from different economies, the reasons why ＂growth slowdown＂ arises during the middle-income development stage. These theoretic and empirical researches have reference value and heuristic meaning for China to actively respond to the challenges of the ＂middle income trap＂.
文摘The middle income trap is an objective challenge faced in the development of the economy. There is provision in both the amount and time. It is worth studying why some Latin American countries have fallen into this trap for decades. This paper analyzed the causes for the middle income trap of Latin American economies. On this basis,it came up with recommendations for China's leaping paths,including accelerating the structural reforms on the supply front to promote industrial transformation and upgrading,deepening the reform and increasing the efficiency with institutional innovation as the core,protecting legitimate property rights,reforming the income distribution,combining accurate poverty alleviation,narrowing the gap between the rich and the poor,performing administration according to laws,vigorously developing education,expanding the opening up,and keeping sustainable growth,so as to successfully leap over the middle income trap.
文摘Many middle income economies have been unable to advance to become high income economies over a period of 50 years or longer, not due to the existence of middle income traps, but because of the overly broad income range in the definition of middle income economies. The middle income trap is, in essence, a growth trap, and refers to the situation in which a middle income economy experiences growth stagnation or a growth rate that is lower than that of high income economies. Nonetheless, it is hard to fuUy comprehend the formation of the trap solely based on growth theories. Historical data indicate that the middle income economies do not lack growth potential, and the real problem is that although their long-term average growth rates are higher than those of the high income economies, their average growth rates over a business cycle or an even longer period of time often fall below those of the high income economies. The cause of this phenomenon is neither short- fluctuations nor long-term growth potential, but the.frequent occurrence of financial crises in middle income economies. As a middle income economy, China is also facing the risk of a financial crisis, and the key to avoiding the middle income trap is to guard against future financial crises, preventing unsound financial liberalization and mismanagement of the corporate debt ratio.
