Growing Beyond the Low-Cost Advantage 1st Edition
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Growing Beyond the Low-Cost Advantage 1st Edition

SKU: 9789290928836

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Additional information

Full Title

Growing Beyond the Low-Cost Advantage 1st Edition
Author(s)

Juzhong Zhuang
Edition

1st Edition
ISBN

9789290928836, 9789290928829
Publisher

Asian Development Bank
Format

PDF and EPUB

Description

The economic success of the People’s Republic of China (PRC) over the last three decades has brought with it new challenges. With a per capita gross national income of $4,930 in 2011, the PRC has just passed the threshold of upper-middle-income status and it still has a long way to go before becoming a high-income country. But with rising wages and population aging, growth will have to be increasingly driven by productivity improvement through innovation and industrial upgrading—the PRC needs to move from a lowcost to a high-value economy. Moreover, rapid growth has exposed several structural problems, in particular, economic imbalances, rising inequality, resource constraints, and environmental degradation. If not addressed, these problems could hinder PRC’s efforts in moving toward a high-value economy and increase the risk of getting caught in what is increasingly known as the “middle-income trap.”

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