China still global growth engine

Editor's note: Despite facing multiple challenges both on the international and domestic fronts, the Chinese economy continues to drive global growth. But can China achieve high-quality, sustainable development and common prosperity? Three experts share their views on the issue.

As the major economies in the West completed their industrialization and began to move toward post-industrial services, growth acceleration gave way to deceleration. Yet per capita incomes continued to rise, thanks to reforms and social transfers.

Since the 1980s, China has followed in their footprints. When the reform and opening-up began, China's per capita GDP, adjusted to purchasing power parity (PPP), was just about 2 percent that of the US. By the mid-2020s, it will be one-third of the US level.