China is expected to get over “middle-income trap” around 2023, given the huge space and potential for development, said a report issued on Jan. 7.

The report was released by China Center for National Accounting and Economic Growth under Peking University.

In general, the center argued that China’s economy will maintain a medium-to-high speed growth rate in the future with ongoing reforms and social stability.

The report forecasted an average economic growth of 6.5% for China from 2017 to 2021, and predicted that China will cross the boundary of $12,500, the GDP value that divides middle-and high-income economies set by the World Bank.

In 2049, China will take about 26.9% of the global economy, the report said. In addition, consumption will be a major contributor to Chinese economy in the next 10 to 20 years.