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South China Morning Post
3 hours ago
- South China Morning Post
China could become a high-income country this year, but can it stay one?
There seems to be a never-ending amount of scholarship and commentary on how China can escape the middle-income trap. It moved from low-income to lower-middle-income status in 2001, then to upper-middle-income status in 2010. However, China's next transition, to high-income status and joining the ranks of the club of developed countries, is much more difficult. While the jury is still out on exactly when it might happen, it is possible that 2025 is the year China becomes a high-income country . The data points to it passing that threshold this year, but the question remains whether it will address the structural challenges that could push it back down to middle-income status. It is important to define what economists mean by the middle-income trap . According to the China 2030 Report, jointly issued by the World Bank and China in 2013, only 13 out of 101 middle-income countries (classified by gross domestic product per capita) made the transition to high-income status between 1960 and 2008. The reason so few countries have been able to make the transition is the difficulty in achieving both the structural transformation and the technological and industrial upgrading needed. As economies and wages grow, the things these economies produce must advance as well. Countries that continue to make rather simple products while their wages continue to grow put themselves in an increasingly uncompetitive position in the global economy. This makes industrial and technological upgrading a major challenge that middle-income countries must overcome. If countries wish to continue developing and avoid the middle-income trap , the structure of the economy and the institutions that govern it must transform to meet the new reality created as economies and industries mature. When economies are poor and productive forces are yet to be fully cultivated, economic growth can solve most of their problems as developing countries still have the ability to grow rapidly.
South China Morning Post
4 hours ago
- South China Morning Post
Hong Kong slams Western countries over criticism of bounties for second straight day
The Hong Kong government has hit out at 'irresponsible remarks' by Western countries for the second straight day following its decision to pursue overseas-based activists for alleged national security violations related to a group called 'Hong Kong Parliament'. Advertisement Authorities said on Sunday that they strongly opposed and disapproved of 'smears with distorted facts' that had been communicated by officials and politicians from countries such as the US, Canada and Australia, as well as 'anti-China organisations'. 'Not only did such foreign government officials and politicians, as well as anti-China organisations, turn a blind eye to illegal acts of criminals, but also deliberately smeared and spread irresponsible remarks, in an attempt to mislead the public, about the measures and actions taken by the [Hong Kong government] in accordance with the law,' the government said. The statement followed a similar one issued a day earlier, which had slammed remarks made by UK Foreign Secretary David Lammy and Home Secretary Yvette Cooper, who had described the latest round of bounties as 'transnational repression'. Western governments and politicians have been voicing their criticism since the city's decision on Friday to place bounties on 15 activists and issue new arrest warrants for four more over their involvement in the 'Hong Kong Parliament', a group deemed subversive by authorities. Advertisement US Secretary of State Marco Rubio condemned the latest round of warrants issued for activists, including those based in his country, saying Washington would not tolerate 'transnational repression on US soil'. In Canada, Minister of Foreign Affairs Anita Anand and Minister of Public Safety Gary Anandasangaree said in a joint statement that actions taken by Hong Kong 'threaten the sovereignty of Canada and security of the people in this country'.
South China Morning Post
10 hours ago
- South China Morning Post
US business leaders to visit China as both sides meet for latest round of trade talks
A high-level American business delegation will visit China this week on a trip that coincides with the latest round of US-China trade talks, according to two sources familiar with the matter. The trip to Beijing will be organised by the US-China Business Council and led by FedEx chief executive Rajesh Subramaniam, the council's board chair. The full list of visiting business leaders and schedule is not known but both sources said that Boeing executives and the president of the council Sean Stein were certain to be part of the delegation. 'They are expected to meet with Chinese officials - potentially to revive business discussions,' a source said. The council has not responded to requests for comment. The council regularly organises visits to China that coincide with significant events and involve meetings with senior officials. Last year's visit coincided with a major policy meeting in Beijing and included senior executives from Apple, Boeing, Goldman Sachs and Micro Technology. The upcoming visit will be the highest-level American business delegation since US President Donald Trump started his latest tariff war in April.
