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China’s Covid slowdown raises spectre of middle-income trap

Ahead of this year’s 20th National Congress of the Communist Party of China, we take a look at how the country is responding to three potential traps highlighted by President Xi Jinping in the past decade. In the third of a three-part series, we examine the middle-income trap and the hurdles China’s economy must clear to escape it. Chinese officials like to use numbers to describe the country’s economic miracle. So that is what Han Wenxiu, a senior official with the Central Financial and Economic Affairs Commission, did when he summarised almost a decade of achievements under President Xi Jinping in mid-May.

South China Morning Post - July 20, 2022

View the full story here: https://www.scmp.com/economy/china-economy/article/3185813/china-cusp-joining-high-income-club-slowdown-raises-spectre