Given that development strategies typically&nbsp;begin to fail when economies reach middle-income status – a threshold that China is rapidly approaching – China cannot afford to allow mounting cyclical risks to undermine its structural transformation. Modern history shows that the easiest way for a developing country to become ensnared in the dreaded “middle-income trap” is to cling to its old model for too long.
当经济达到中等收入水平时，发展战略就会开始失效，而中国正在迅速达到这一水平，因此中国不能允许高企的周期性风险阻碍其结构型转型。现代历史表明，最容易使发展中国家踏入可怕的“中等收入陷阱”的办法莫过于纠结于模式太久。