(ECNS) -- China will become a high-income economy with a GNI per capita of $12,695 no later than 2025, said Justin Yifu Lin, member of the Standing Committee of the Chinese People's Political Consultative Conference, on Thursday.
"I believe that China will pass the middle-income trap by the end of the 14th Five-Year Plan", said Lin, who is also dean of Institute of New Structural Economics of Peking University.
The population of China accounts for more than 18 percent of the global figure, so it will be an important milestone for the great rejuvenation of Chinese people and of great significance to the world when China crosses the high-income economy threshold, Lin said.
Around 30 percent of the annual market expansion around the globe comes from China since 2008, so the development of China can boost those of other countries, he added.
(Reporter: Pang Wuji)
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