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Economist: Chinese people's incomes may hit $12,000

(CRI Online)

08:46, July 01, 2013

Justin Yifu Lin, former chief economist at the World Bank, speaks at the 3rd Global Think Tank Summit in Beijing on Saturday. [Photo/]

A renowned economist has said that the income per capita in China will reach 8,800 dollars in 2020, and may even hit 12,000 dollars, which would enable China to become a high-income country by UN standards.

Justin Yifu Lin, former chief economist at the World Bank, made this remark at the ongoing 3rd Global Think Tank Summit in Beijing on Saturday.

Justin Yifu Lin revealed that China's GDP in 2020 is expected to be double of that in 2010. Specifically, unskilled workers who now earn an average of roughly 400 dollars annually would see their yearly income rise to 1000 dollars in 2020.

Under Lin's analysis, the Chinese labor-intensive industry will transform into a high-value industry alongside the increase in income per capita in China. Additionally, this shift in the Chinese industry would facilitate industrialization among other developing countries.

Justin Yifu Lin cited an example from August 2011, when Meles Zenawi, the former prime minister of Ethiopia, dispatched 86 workers to train in China before the two sides established two production lines with 600 additional workers to export shoes to the United States and Europe in January 2012. The number of employees there has soared to 4000 this year due to increase of export.

"African and other developing countries can seize the opportunities of the industrial transformation of China in order to initiate their industrialization", added Justin Yifu Lin.

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