Overcoming the Middle-Income Trap Requires Improvement in Capacity for Social Governance
Overcoming the middle-income trap requires both economic transformation and social transformation. Economic transformation cannot be accomplished without the modernization of economic governance; social transformation cannot be accomplished without the mo
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Middle-Income Trap
Zhijie Zheng
Middle-Income Trap An Analysis Based on Economic Transformations and Social Governance
Zhijie Zheng China Development Bank Beijing, China
ISBN 978-981-15-7400-9 ISBN 978-981-15-7401-6 (eBook) https://doi.org/10.1007/978-981-15-7401-6 Jointly published with Tsinghua University Press The printed edition is not for sale in China Mainland. Customers from China Mainland please order the print book from Tsinghua University Press. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publishers, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publishers nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publishers remain neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
Foreword
The transformation of China over the past forty years from one of the poorest countries in Asia to the world’s second largest economy is the most significant geopolitical event of our times. In the era of Reform and Opening-up, China has lifted 700 million people out of poverty—an unprecedented feat in human history. China’s rise has redrawn the maps of commerce that defined the global trading system after World War II. Today its banks are among the largest financial institutions in the world; its leading internet companies stand with the world’s most innovative and competitive. Chinese travelers can be found in numbers in the remotest corners of the globe, as well as in New York and Tokyo. Success, however, can be its own worst enemy if a developing country remains bound to what has worked in the past and fails to adapt to new challenges brought about by development itself. Many emerging economics have failed to escape the “middle-income trap,” while those that have averted it to achieve sustaina
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