Since China began to open up and reform its economy in 1978, GDP growth has averaged almost 10 per cent a year (World Bank), and more than 850 million people have been lifted out of poverty (Kay, 2022). Today, China is an upper-middle-income country and the world's second-largest economy. However, its per capita income is still only about a quarter of that of high-income countries. About 373 million Chinese live below the upper-middle-income poverty line of US$5.50 daily. China also lags in labour productivity and human capital. Income inequality has improved over the last decade but remains relatively high. China's high growth based on resource-intensive manufacturing, exports, and low-paid labour has primarily reached its limits and has led to economic, social, and environmental instabilities.…
