Can China’s success still beat the middle-income trap?
The Asian giant has excelled through what economist Keyu Jin calls the “mayor economy”. But can this localised model deal with the next round of growth challenges?
When Bill Clinton was elected president of the United States, China’s GDP was $US426 billion, roughly the same as Wisconsin’s is today, and GDP per capita was just $US366. Today, China’s GDP is $US18 trillion, and per capita it is more than $US12,500.
As the cool kids say: OMG.
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Richard Holden is professor of economics at UNSW Business School and president of the Academy of the Social Sciences in Australia. Connect with Richard on Twitter.
