way to more than a decade of export-led double-digit economic grow

th, and the ongoing shift from export-led quantitative economic growth to inno

vation-led qualitative development, which has accelerated under President Xi Jinping’s leadership.

China’s industrialization peaked between the late 1990s and 2008, when the

global financial crisis broke out. Now China’s rate of growth is decelerating, which has been

the norm for all industrialized countries from Great Britain in the 19th century to the US in the 20th century.

In China, deceleration is a sign that rebalancing toward consumption and innovation by 2030 is on track.

Nevertheless, the living standard in China continues to improve st

eadily. Today, it is about a third relative to the US. In other words, it has multiplied six tim

es relative to US living standard, thus supporting the rise of the world’s largest emerging middle-income group.

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