China still long way from scaling economic peaks (2)

Other international organizations usually mention China together with newly industrializing countries. The US Department of Commerce thinks that 10 economies can be described as emerging markets, including China, India, Korea, Mexico, Brazil, Argentina, South Africa, Poland, Turkey and the ASEAN nations. The Economist magazine singles out 25 countries and regions as emerging economies, including the Chinese mainland, Hong Kong, Taiwan, India, Korea, Argentina, Israel, Portugal, South Africa, Russia and so on.

So is China an emerging economy or a developing country? I think emerging economies have five characteristics. First, they do not belong to developed countries and they mainly locate in Asia, Central and Eastern Europe and Latin America. They have middling income levels. Most people have emerged from absolute poverty and many parts of the society, such as culture, education, health, sports, and technology, have developed to high levels.

These economies have established a relatively complete market economy system with a normative market order and a high level of market openness. They have become an important part of the international division of labor and international trading system. They have fast economic development, strong export capacity and some competitive power in the world market.