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World Bank: Building a Modern, Harmonious, and Creative High-Income Society

March 2, 2012


This World Bank report says China can become the world's largest economy by 2030, but it needs to implement a new development strategy now so that it can also be a modern, harmonious, and creative high-income society.

By any standard, China's economic performance over the last three decades has been impressive. GDP growth averaged 10 percent a year, and over 500 million people were lifted out of poverty. China is now the world's largest exporter and manufacturer, and its second largest economy.

Even if growth moderates, China is likely to become a high-income economy and the world's largest economy before 2030, notwithstanding the fact that its per capita income would still be a fraction of the average in advanced economies.

But two questions arise. Can China's growth rate still be among the highest in the world even if it slows from its current pace? And can it maintain this rapid growth with little disruption to the world, the environment, and the fabric of its own society?

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