Author(s)

Jun Zhao

Corresponding Author

Jun Zhao

Abstract

According to the World Bank's latest income classification criteria, China's annual per capita GDP has reached the middle income standard, which means that China has entered the development stage of middle-income countries. This stage is a crucial period for China's economic transition and social transformation. Economic and social development faces two possibilities: it is possible to successfully realize industrialization and modernization, and enter the ranks of high-income countries. It also faces the possibility of falling into the “middle income trap”. It is necessary to take measures such as transforming the economic development mode, improving the income distribution system, and innovating social management to provide a sound economic and social environment for economic transition and social transformation.

Keywords

Middle income, Income trap, Challenge, Countermeasure.