China to become high-income country by 2025: top economist
April 11,2018 By:Ecns.cn
April 11,2018--The ongoing Boao Forum for Asia annual conference is held in Boao, Hainan Province. (Photo/China News Service)
April 11,2018-- China can sustain an annual average growth rate of 6 percent in the following 10 years and ascend to the high-income stage by 2025, said Justin Lin Yifu, honorary dean of the National School of Development at Peking University, on Monday.
At the Boao Forum for Asia annual conference, Lin said China will be the third economy since World War II to rise from a low-income stage to high-income one.
South Korea and China's Taiwan island are the two economies to have completed such leapfrog development.
Lin said that by 2025 nearly 39 percent of the world's population will live in high-income economies. He projected China to become the world's largest economy in 2030, even taking into consideration exchange-rate factors. By then, China's contribution to the world economy will account for over 30 percent, according to the economist.
He said that China's average GDP growth of 9.5 percent from 1978 to 2017, and an average of 14.8 percent annual trade growth, is remarkable progress and an indicator of China's opening up.
China is now well on a new development path to build itself into a modern, advanced country and can deliver an annual 6 percent growth in the next ten years, said Lin.