Michael Spence

China is a high middle income country. But that averages across considerable variation in incomes across and within regions. Some of the future growth potential lies in bringing the lower income up to tier one city levels. In addition, there is considerable potential to increase productivity across the economy as a second growth driver. That said, future growth rates at full potential will not be as high as those in the early 2000’s. The catch-up effect in terms of technology was powerful then. But China has dramatically closed the gap. I will then talk about some particularly high growth areas in the global economy and China’s participation in them.