The Double Middle-Income Trap in China: Current Situation and Countermeasures

Yueyao Ma ()
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Yueyao Ma: Macau University of Science and Technology, Business School

A chapter in Proceedings of the 2023 5th International Conference on Economic Management and Cultural Industry (ICEMCI 2023), 2024, pp 715-723 from Springer

Abstract: Abstract China is going through a critical period of crossing the middle-income trap (MIT). Most developing economies caught in the MIT are often accompanied by a large social income gap and a low share of the middle-income groups (MIG). Based on the theory of double MIT, this study explores the likelihood and necessity of increasing the proportion of MIG in China. In the period of economic and social development, there is still a gap between income inequality in China and the world average, and the share of MIG in the overall population is relatively low. To reduce the gap in income and cross the MIT, the paper proposes three specific measures to promote human capital based on human capital theory and common prosperity policy. To expand the MIG and build an olive-shaped society, this study analyzes the experience and concrete measures in China to successfully cross the MIT and achieve sustainable economic growth.

Keywords: Middle-income Group; Human Capital; Olive-shaped Society; Income Gap; Double Middle-income Trap (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-368-9_85

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DOI: 10.2991/978-94-6463-368-9_85

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