China has emerged as an aspirant economy

Garry D. Bruton (), David Ahlstrom () and Juanyi Chen ()
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Garry D. Bruton: Texas Christian University
David Ahlstrom: The Chinese University of Hong Kong
Juanyi Chen: Jilin University

Asia Pacific Journal of Management, 2021, vol. 38, issue 1, No 1, 15 pages

Abstract: Abstract It is common for articles in the business and management field that employ China as a sample to still place that research in the stream of transition and/or emerging economies. Such a rendering was accurate 40 years ago as China’s economic reforms began. However, China no longer meets the definitional characteristics of “emerging economies” that of low income, rapid economic growth with institutional instability, and a reliance on low cost production to drive this growth. China is one of a number of upper middle-income countries seeking to move to high-income status that we define as “aspirant economies.” In this article, we discuss why China should be considered as having emerged and now aspiring, rather than emerging. We highlight how scholars still rely on a traditional view of China as an emerging economy despite its economic reality, and where research that examines China as an aspirant economy should move in the future.

Keywords: Emerging economy; Transition economy; Aspirant economy; Economic growth; Institutional stability; China; Economic ecosystem (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (20)

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DOI: 10.1007/s10490-018-9638-0

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