China is at a turning point in its economic development. With its double-digit economic growth rate coming to an end, China now faces new challenges that could threaten its progress to catching up with living standards in the United States, Japan and Western Europe. China faces the danger of not being able to move beyond the so-called "middle-income trap," a phenomenon that describes a country when its growth plateaus and eventually stagnates after reaching middle income levels. It has long plagued Latin America, and Malaysia has had an extended struggle with it in the past decade.
On November 1, the Brookings-Tsinghua Center for Public Policy (BTC) hosted a public forum featuring experts who have recently completed a landmark study on how China could escape the same trap in which many other developing countries have languished. The presentations and discussions were based on the recently published book, A New Economic Growth Engine for China: Escaping the Middle-Income Trap by Not Doing More of the Same, co-edited by Brookings Nonresident Senior Fellow Wing Thye Woo.
The event was held in both English and Chinese with interpretations. The speakers took audience questions after each panel discussion.
Wing Thye Woo