Before we go right ahead and see what China has to do to further its development, let’s focus first on what China is up against if it wants to become a developed country.
Leaving aside some oil exporters and the city-states of Hong Kong and Singapore, only three countries—Japan, South Korea, and Taiwan—have come from far behind to achieve per capita GDP of at least 70 percent of the developed-country average over the last 60 years. China hopes to do the same, but it faces a distinctive challenge: its sheer size,” wrote Adair Turner, chairman of the Institute of New Economic Thinking.
He identified three things the country must do to take the next step:
1. Stop Focusing on Exports
Turner thinks external markets are too small to import the production of 1.5 billion people. So efforts such as the new Silk Road and infrastructure construction projects are nice, but ultimately won’t solve the problem.
