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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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Overcoming the middle-income trap in China

Overcoming the middle-income trap in China

From the perspective of social mobility

Chapter:
(p.428) 70 Overcoming the middle-income trap in China
Source:
The Oxford Companion to the Economics of China
Author(s):

Hongbin Cai

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199678204.003.0071

This chapter discusses how China can overcome the so-called middle-income trap. It argues that the future of the Chinese economy crucially depends on whether it can reverse the declining trend of social mobility. This requires a comprehensive economic and social transformation, and systematic economic, social, and political reforms, for example shifting attention from building physical infrastructure to building a market and legal infrastructure for Chinese society, and by investing more in human rather than physical capital, that is in such areas as education and health. Further research is needed in the relationship between long-term economic growth and social mobility; a cross-country comparison of social mobility and economic performance; and intergenerational mobility in education, income, and occupation in China.

Keywords:   Chinese economy, economic policy, economic growth, social mobility

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