Latest News:  
Beijing   Cloudy/Overcast    3 / -4   City Forecast

People's Daily Online>>China Business

China still long way from scaling economic peaks

By He Zili (Global Times)

10:09, December 27, 2011

China's economic label as a developing country is disputed nowadays. Some developed countries argue that China has become the world's second largest economy and have stopped aid to China, while others believe that China should shoulder more responsibilities in international affairs. In China, mainstream opinion still insists that China is a developing country and only needs to shoulder the corresponding responsibilities.

Developing countries don't stay that way forever. In the 1960s, the "Four Asian Tigers," all of which are now regarded as developed countries or regions, were taken as the epitome of developing economies in Asia. China has also grown rapidly and steadily over the past three decades.

Today, the IMF and World Bank use two different methods to assess national economies. The IMF divides countries into two groups, developed economies, and developing economies. But within the second group it also singles out emerging economies, including China, whose economic development and industrialization level are better than those of developing economies, but whose overall social and economic development, especially their per capita income, are worse than developed economies.

The World Bank divides countries into low income, middle income and high income economies. As of the standards of June 2011, the low income level refers to an annual per capita income of less than $1,005. The low-middle income level is $1,006 to $3,975. The upper-middle level is $3,976 to $12,275. And the high income level is more than $12,276. The World Bank describes low income and middle income economies as developing countries. China's per capita income was $4,700 in 2010, making it a developing country.

【1】 【2】 【3】

Email|Print|Comments(Editor:王莉莉)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Chinese Premier Wen commend contributors to grain output

  2. Toyota unveils new compact hybrid car "Aqua"

  3. Villagers practice waist drum dance for New Year in E. China

  4. Harbin swimmers prepare for a cooling off

Most Popular

Opinions

  1. Common interests prevent 'Cold War'
  2. War-related carbon emissions deserves attention
  3. Noda's trip enhances China-Japan mutual trust
  4. Economic outlook for next year could be dimmer
  5. Human library promotes understanding
  6. For amiable China-Japan ties
  7. Europe should make greater efforts to save itself
  8. China unlikely to see hard landing in 2012
  9. Euro depreciation affects Asian manufacturing
  10. To whom does Pacific Century belong?

What's happening in China

Villagers practice waist drum dance for New Year in E. China

  1. Chinese mark Mao's birth
  2. Natural gas imports expected to increase
  3. Economic growth set to fall
  4. China boosts flight punctuality rate in 2011
  5. China stresses stable grain production

PD Online Data

  1. Traditional Mooncakes
  2. About Mooncakes
  3. History of Mooncakes
  4. Modern Mooncakes
  5. Legends of Mid-Autumn Festival