INSTITUTIONAL GUARANTEE

No doubt, the middle-income trap is a worldwide dilemma. From Latin America to Southeast Asia, many countries have suffered from frequent economic fluctuations and long-term stagnation, which are often combined with political tensions, off-track concepts, failed reforms, inefficient decision making and complacency.

With a clear assessment of the risks and dangers, China adheres to its own path and effectively tackle the challenges.

According to International Monetary Fund statistics, only six out of a total of 185 economies have sustained an economic growth rate of 5 percent plus over four consecutive decades and China is one of them.

And if its mid-term economic target is successfully met by 2020, such a colossal economic entity will once again create economic history.

Lin Yifu, former chief economist at the World Bank, estimated China's per capita GDP will double to 12,000 dollars by 2020. The next seven years will pass in the twinkling of an eye, but there is no doubt China's economy can accomplish a quantum leap in fundamental transitions in such a short period.

These rosy prospects stem from the stability of the Chinese approach and the uniqueness of its system. As stressed by President Xi, China is taking the right path, which was discovered by the Chinese people after years of the twists and turns.

OPEN MIND, EAGERNESS TO LEARN

As U.S. scholar and columnist Fareed Zakaria wrote in "China's Coming Challenges" after his latest visit to China, one of the reasons China has succeeded so far is its willingness to learn from others.

A Chinese saying has it that being eager to learn and practise is the key to progress, and this has proved to be a golden rule in all times. For China, the frequent occurrence of the "middle-income trap" only serves as a reminder to guard against carelessness and relaxation.

Another secret to China staying on the right track is its inclusiveness. President Xi has emphasized that, the further China develops, the wider China will open its door to the outside. China's reform and opening up effort will never come to an end or be slackened.

A rising China with a more stable and sustainable economy will undeniably offer a broader market for other countries and bring about more positive spillovers for the world economy as a whole.

Just as it has defied the many predictions of its collapse in the past decade, China will break the spell of a so-called predestined fate in the foreseeable future and the middle-income trap will simply fail to materialize.