Switching gears

The latest World Bank income classification is out, and China has reached another important milestone. China's Gross National Income per capita has risen to US$14,230, just US$150 short of the threshold for high-income economies. While China remains an upper-middle-income economy in 2025, the gap has become smaller than ever. Why is China so close to joining the high-income economy group? And what do these numbers mean for China's economy, global markets, and ordinary people?