Economist: China to become high-income country in couple of years

Containers are unloaded at Qingdao Port in Shandong province. [Photo by Yu Fangping/For China Daily]

China is very close to the high-income countries standards set by the World Bank, said Justin Yifu Lin, dean of the Institute of New Structural Economics at Peking University.

China's per capita GDP rose 8.0 percent to 80,976 yuan ($12,551) in 2021, exceeding the world's per capita GDP and close to the $12,695 threshold for high-income countries set by the bank in 2021.

China could cross the $12,695 threshold and become a high-income country by the end of this year at current Chinese renminbi-US dollar exchange rate, the economist said, according to a report of China News Service.

If the potential dollar volatility is taken into consideration, China may reach this target this year or next year, at least no later than 2025, to become a high-income country for sure, Lin said, adding that this could be an important milestone in human history.