in the 19th century and by Western Europe, Japan, and South Korea in the years after World War II.

China is no longer a poor country. It can no longer compete by using l

ow-wage labor. Fortunately, it has now developed world-class companies that are incr

easingly developing new products and services that can compete successfully in many foreign markets.

Now that it has reached middle-income status, China’s economic strategy will focus on creating a highly competitive dom

estic market that forces companies to produce high-value goods so they can pay high wages to highly skilled people.

Because of its long experience in manufacturing, much of th

at push will be focused on higher value-added production, using the new technologies of rob

otics, artificial intelligence, the internet of things and 5G. This is the only way to avoid the middle-income trap.

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