In global markets the terms “emerging markets” or “emerging economy” are used broadly to describe countries that have lower income levels per citizen and generally experience a lower standard of living compared to a “developed” country. China has been the poster child for emerging economies over the past 25 years, as the country has seen massive growth and changes in its economy: GDP has grown from US$360 billion in 1992 to over US$8 trillion today.
The World Bank’s definition of an emerging economy is one that has per capita income levels below US$15k over the past 3 years (New Zealand’s is US$37k). China is currently at US$15k - while in line with the threshold, this number masks the underlying data; there are currently over 40 million Chinese citizens that earn more than the average New Zealander! Click here to read more.
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