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Analysis of technological progress in China and India by Peilei Fan (UN study 2008)
Matthew Yglesias at ThinkProgress wrote about China's economy and indicates that he believes that almost all of China's gains have come from shifting from low efficiency agriculture to high efficiency industry. Matthew predicts that this will continue but that China's growth will slow down dramatically well before China becomes as rich as even the poorer developed countries.
Matthew talks about China being quite a bit poorer than Costa Rica or Bulgaria on a per capita GDP basis whether you go by nominal or PPP-adjusted GDP. China is poorer than those countries now but Matthew seems to be saying that China will not catch up to them on a per capita basis.
Definitely Matthew is predicting that China will not catch up to or even get close to Barbados or Portugal on a per capita basis.
The definition and list of developed countries has Barbados and Portugal as the poorest. 2010 PPP GDP per Capita Estimates
The IMF esimates of PPP GDP per capita for 2010
China $7240
Costa Rica $10687
Bulgaria $12077
Portugal $22027
Barbados $18110
Matthew Yglesias says China slows down well before or a lot less. Say 80% or less of Barbados $15000 ish ?
Singapore $52964 (remember this when you read the review of Krugman's prediction for Singapore and what he calls the paper Tiger economies)
Taiwan $33831
South Korea $29351
Hong Kong $44840
United States $47702
On a nominal basis Barbados has $13,000 GDP per capita and China has about $4000 If China does catch up to Barbados on a per capita basis then China has an overall economy of about $18 trillion which if that happened before 2020 probably catches the US for overall economic size on a nominal basis.
China does have the shift to higher productivity industry but is also developing world class science (look at patents and scientific papers). China is increasing productivity in agriculture and industry. China is developing car manufacturing and car markets. China is moving up to regional jets. China is moving on supercomputers.
I predict that China will fully catch up on a per capita basis. China will have more than 80% of Barbados or Portugal per capita GDP before 2020. China will have per capita GDP in the range of the top 30 countries (Spain) by 2045 and to USA levels by 2060.