The $20 Trillion China Paradox.
Jaffery deficit.
Beijing's leaders will soon celebrate an achievement they have sought since Deng Xiaoping's historic economic reforms in 1978: entry into the club of the world's richest nations.
China's per capita income is close to the threshold set by the World Bank for high-income economies and will likely cross that threshold within the next year or two, around the 25th anniversary of the country's accession to the World Trade Organization.
The 2001 agreement turned China's $1.3 trillion economy into a nearly $20 trillion giant; Since then, the country's exports have increased approximately 13 times, earning it the title of "World Factory".
However, analyzing the fundamental contradiction of Beijing's growth model, Bloomberg argues that it is much easier for the Chinese Communist Party to rein in a few thousand big capitalists than to manage a large and demanding middle class.
There is no doubt that China's record in poverty alleviation is impressive; According to the statistics of the World Bank, this country has saved almost 800 million people from absolute poverty since 1978, which is equivalent to three quarters of the total poverty reduction in the world. However, Beijing has set the bar for this victory at the poverty line of about $2.30 per day; A number that according to critics is very low and unrealistic.
Details of the report on the World Economy website.
The official channel of Donya Akhtaz newspaper.