How China is classified under the World Bank?
China is now an upper-middle-income country. Although China has eradicated extreme poverty in 2020, an estimated 17.2 percent of the population lived on less than $6.85 a day (in 2017 PPP terms), the World Bank's Upper-Middle-Income Country (UMIC) poverty line, in 2023.
China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans.
The World Bank Group assigns the world's economies[1] to four income groups – low, lower-middle, upper-middle, and high. The classifications are updated each year on July 1, based on the GNI per capita of the previous calendar year.
China claims to operate as a socialist market economy. China has the second-largest economy in the world in terms of nominal gross domestic product (GDP), and the largest economy in terms of purchasing power parity (PPP).
China is also a permanent member of the United Nations Security Council and Asia-Pacific Economic Cooperation. Since 1978, China's market-based economic reforms have brought the poverty rate down from 53% in 1981 to 8% by 2001.
Third World vs. Three Worlds
For example, in the Western theory, China and India belong respectively to the second and third worlds, but in Mao's theory both China and India are part of the Third World which he defined as consisting of exploited nations.
Nations such as China and Russia were once part of the Second World. Today, the nations are referred to as both first- and third-world countries. China has a growing economy and a stabilizing democratic government.
China is now an upper-middle-income country. Although China has eradicated extreme poverty in 2020, an estimated 17.2 percent of the population lived on less than $6.85 a day (in 2017 PPP terms), the World Bank's Upper-Middle-Income Country (UMIC) poverty line, in 2023.
| Field | Rank | Date |
|---|---|---|
| Fruit and vegetable production, output of 506,634,000 tons | 1 | 2004 |
| Garlic production, output of 21,200,000 tons | 1 | 2016 |
| Honey production, output of 298,000 tons | 1 | 2005 |
| Livestock of domestic sheep, 163,500,000 heads | 1 | 2019 |
The World Bank has different poverty lines for countries with different gross national income (GNI). With an GNI per capita of $10,610 in 2020, China is an upper middle-income country.
Who controls the World Bank?
The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues.
The main criterion used by the World Bank in classifying different countries is the per capita income or average income of a person in a country.
Economists are less and less certain that the Chinese economy can overtake the US, despite the promises of the Chinese Communist Party. The tipping point in history is set, the curves are due to cross, and China will outpace the US to become the world's leading economic power once again. But when?
Over the last four decades, China has lifted more people out of poverty (800 million and counting) than any other country in history. Life for the average Chinese outshines that of most foreign countries, Western included. Life in China is excellent and continues to improve for every person living in the country.
Industrial production and manufacturing exports are major forces driving the economy. However, perhaps significantly, the country is not nearly as developed as other countries in the top 10. Government spending is a key driver of growth that has led to indiscriminate construction over the last few years.
Within the World Bank Group, China is one of the largest loan-taking countries.
The China-World Bank Group Partnership Facility (CWPF) is a partnership between the People's Republic of China's Ministry of Finance and the World Bank Group that seeks to assist developing countries in achieving inclusive and sustainable economic growth.
In 2016, Anabang bought Blackstone Group's luxury hotels chain for $6.5 billion making the Chinese holding company owner of Essex House, Ritz-Carlton hotels in California, the Four Seasons Resort in Jackson Hole, Wyoming and the Fairmont Scottsdale in Arizona.
- Somalia.
- South Sudan.
- Sudan.
- Tanzania.
- The Gambia.
- Togo.
- Uganda.
- Zambia.
From the bustling metropolises of Shanghai and Beijing to the ancient city of Xi'an, expats moving to China can expect a fresh and enriching lifestyle, with a high standard of living and ample opportunity to experience Chinese culture – not to mention its world-famous cuisine.
Is China fully developed?
The World Bank considers countries with a per capita income of less than $12,275 as developing countries. According to the World Bank, China's per capita nominal GDP was $7,594 in 2014, which ranked 79th among 183 countries. Yet in other ways, China might be considered a developed country.
The Romans and the Greeks knew the country as 'Seres', “the land where silk comes from”. The name 'China' does not appear in print in the west until 1516 CE in Barbosa's journals narrating his travels in the east (though the Europeans had long known of China through trade via the Silk Road).
On October 1, 1949, Chinese Communist leader Mao Zedong declared the creation of the People's Republic of China (PRC).
Pakistan was one of the first countries that recognize the People Republic of China. Over the years, the relationship has blossomed into an & All-Weather Strategic Cooperative Partnership.
The United States of America
The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology.
