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China to become high-income country by next year, the second country after S.Korea moved from low to high-income since the second world war

beijingwalker

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China to become high-income country by next year, the second country after S.Korea moved from low to high-income since the second world war​

28TH JAN 2022

China is likely to become a high-income country by next year, economists said yesterday.

In 2021 per capita income reached $12,551 (£9,380), not far shy of the World Bank definition of a high-income country ($12,695).

China’s zero-Covid policy, using strict localised lockdowns and mass testing with isolation and support to prevent the spread of coronavirus, has enabled it to avoid national lockdowns or major waves of sickness, meaning it was among the few economies to record continuing growth in 2020, which sped up in 2021.

While many low-income countries (defined as having per capita income of under $1,046 in 2021) have become middle-income countries, China would only be the second to move from low to high-income since the second world war, after South Korea.

The World Bank has described a “middle income trap” in which developing countries’ labour becomes more expensive, deterring investment, though critics ascribe underdevelopment to the domination of many economies by Western transnationals which channel profits away from them.

 

FuturePAF

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I read that only S Korea and Taiwan are the two countries to move from low to high income country post ww2
China is claiming they have done it too. Let’s wait and see once the housing and other bubbles deflate. Although their industrial output in quality is fast catching up even in the most advanced sectors like aerospace engines.
 

aziqbal

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more fake news like China zero COVID police meanwhile 2 million are in lockdown in Beijing

only thing that counts is GDP per capita

South Korea GDP per capita is more than 3 times that of China

and isn't it bit embarrassing comparing 1.3 billion China to 51 million South Korea
 

beijingwalker

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more fake news like China zero COVID police meanwhile 2 million are in lockdown in Beijing
Where in Beijing that 2 million are in lockdown? I m in Beijing how come I don't know but PDF analyst knows?

and isn't it bit embarrassing comparing 1.3 billion China to 51 million South Korea
Actually the opposite is true, it's much easier to develop a small country with small size of population, cause you just need to focus on limited sectors and it'll generate enough wealth for everyone, like the case in Singapore, you don't have to develop everything all across the board for the whole population to get rich.
The reason why many economists call China's development is unprecedented in the whole human history is with one fifth of the whole humanity, lifting everyone out of poverty and providing them with a good life is seemingly mission impossible, but China pulled it off in just a couple of decades.
 
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GiantPanda

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only thing that counts is GDP per capita

South Korea GDP per capita is more than 3 times that of China

and isn't it bit embarrassing comparing 1.3 billion China to 51 million South Korea

Macau's per capita GDP ($90K) is three times that of South Korea. And South Korea is 100 times larger!

So it is more embarassing for South Korea? You are so silly, Indian falseflagger. lol
 
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MH.Yang

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Congrats, I'm sure you guys can break US$20,000(~US$30,000+ PPP) before or by 2030. That will make you a moderately developed nation.
As long as China's GDP reaches US $28 trillion, the per capita GDP will reach US $20000. In 2021, China's GDP increased by $3 trillion, and China's GDP is now $18 trillion. Reaching $28 trillion by 2030 is not difficult.
 

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