Today, China has passed the turning point and entered the golden age of mature economic development. The level of wages, consumption, savings and investment has entered a spiral growth of catching up with each other, providing a good environment for building a middle-class consumer society. China's culture and national policies make it possible to avoid the middle-income trap and enter the ranks of highly developed countries, in which various factors play a role. ?
These factors include continuous high investment in scientific research, rapid expansion of highly educated labor force, especially engineers, growing urbanization process, high savings and investment of residents, stable political environment and huge domestic market. We also see that some other East Asian countries with the same Confucian tradition as China, after reaching the middle-income level, have sustained economic growth for a long time and eventually become high-income countries.
From ancient times to the present, China and the West, or simply the East and the West, have been divided into two parts by the Himalayas and the vast Mongolian grassland, with little communication. Therefore, eastern and western civilizations develop independently of each other. Some accidental historical events led the East and the West to take different paths in different periods, so they also reflected different tendencies in the way of treating things and establishing systems. China's wage level, savings level, consumption level and investment level will still show a spiral state of catching up with each other. In a virtuous circle of mutual promotion, investment opportunities are still very rich and excellent. If the government can use more macro-monetary policies to support the private economy at this stage, it will be of great benefit to the economic development at this stage. ?