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The Key Role of Middle-class Cultivation and Development in China’s Striding over “Middle Income Trap”

Che Sheng-bao

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Abstract

After experiencing a rapid development from a low-income country to a middle-income country,China is facing serious challenges of leapfrog development towards a high-income country,also known as the income trap.Cultivation and development of the middle class is a key factor in China’s striding over such a trap.From the political,economic and social perspectives,this paper establishes the necessity of cultivating middle-class,and lessons are learned from America,Japan,Korea and Latin American countries.

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What this paper is about

After experiencing a rapid development from a low-income country to a middle-income country,China is facing serious challenges of leapfrog development towards a high-income country,also known as the income trap.Cultivation and development of the middle class is a key factor in China’s striding over such a trap.From the political,economic and social perspectives,this paper establishes the necessity of cultivating middle-class,and lessons are learned from America,Japan,Korea and Latin American countries.

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Available abstract

After experiencing a rapid development from a low-income country to a middle-income country,China is facing serious challenges of leapfrog development towards a high-income country,also known as the income trap.Cultivation and development of the middle class is a key factor in China’s striding over such a trap.From the political,economic and social perspectives,this paper establishes the necessity of cultivating middle-class,and lessons are learned from America,Japan,Korea and Latin American countries.

Key concepts: Middle income trap, Middle class, China, Latin Americans, Trap (plumbing), Economic growth, Politics, Development economics

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