No middle-income trap for China

Stephen Roach | Yale University | 10 April 2019

There has always been a fixation on Chinese economic growth. And with good reason. For a large economy, sustaining annual growth rates of 10% over several decades is unprecedented. And yet, that's exactly what China did from 1980 to 2011. But now the 'miracle' is over. Since 2012, annual growth has slowed to 7.2%, and Premier Li Keqiang’s recent annual work report set a growth target of just 6.0% to 6.5% for 2019.

For the vast legions of China...