Aug 02, 2022
In General Discussions
However, in terms of the total GDP, China with a large population has the advantage of adding up. In 2019, its GDP amounted to RMB 99.0865 trillion, which is about 14.4 trillion US dollars at the exchange rate of the year, while the US GDP was 21.7 trillion US dollars in the same year. . That is, in 2019, China's GDP has reached 66.36% of that of the United States. If China's annual GDP growth rate can be popular database maintained higher than that of the United States in the future, it is possible for China to surpass the United States in 2030 and become the world's number one. From another perspective, whether China can continue to maintain high economic growth is also the key for China to escape the middle-income trap. The so-called middle-income trap refers to the plight of developing countries that, after their economic development reaches the level of middle-income countries, they remain at this level and cannot further jump to high-income countries. For example, South Africa and Brazil have such problems. According to the latest grouping criteria for high-, middle- and low-income countries released by the World Bank, the per capita GNI (Gross National Income, which is usually not far from a country’s GDP) is higher than US$12,696 and is considered a high-income country, and lower than US$12,696. $1,045 is a low-income country, and those between $1,046 and $12,695 are middle-income countries .