Abstract
Over the past three decades, China has made remarkable strides in economic development, transitioning from a low-income status to a middle-income nation. However, China currently faces challenges transitioning from a middle-income to a high-income country. Similarly, Japan was facing the same problem as China during the 1960s. With several successful economic policies, Japan witnessed significant economic convergence since the 1980s. The process comprises transitioning from a low-income country to a middle-income country, followed by advancement to a high-income country.Unlike many developed nations that began from a relatively advanced base, Japan initiated its journey from a less developed position, making it a particularly instructive model for other developing nations. Therefore, could China potentially adopt Japan's successful policies to navigate this transition? This paper will discuss how China might glean insights from countries, with a particular emphasis on Japan, to overcome the challenges of the middle-income trap.
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