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Chinanews, Beijing, Apr. 10 – The World Bank issued a semi-annual economic report on the East Asia region last Thursday. While it acknowledges that China led all countries in the region for its economic growth and contributed to over half of the GDP of the new economies in 2006, it also reminds China about the possible challenges it may face to move out of the "middle-income trap," the Beijing Times reported.
The World Bank predicts that in 2007, Chinese economy will grow by 9.6% and its inflation rate will stay below 1%. At present, it is strategically important to see whether China can move out of the ‘middle-income trap,’ said Milan Brahmbhatt, a senior economist1 for the World Bank's East Asia and Pacific region. By middle income trap, he refers to a phenomenon that the strategies taken by a country to grow from low income to middle income are not enough to make them enter into the high-income group. The emerging economies in the East Asia region include China, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, as well as four new industrial economies, including Chinese Hong Kong, South Korea, Singapore and Chinese Taiwan.
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