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The transition from middle-income to high-income stage is fraught with risks of growth divergence.Economic transition is clouded by the following possibilities:(1) falling share of industrial sector through industrial depression and weakening growth momentum caused by the large urbanization costs;(2) the subordination of service sector as a result of nearly irreversibly industrial professional,which falters the process of service sector transition and upgrading;(3) inefficient knowledge production allocation and human capital upgrade due to the absence of incentivized compensation of knowledge consumption.We suggest that a country should reshape its efficiency model by upgrading knowledge factor and human capital as the pre-requisite.Given the dilemmas of transition,China should take the factorization trend of service sector and reshape efficiency model through institutional reform,ensuring that service sector will develop in tandem with industrial sector.
The transition from middle-income to high-income stage is fraught with risks of growth divergence. Economic transition is clouded by the following possibilities: (1) falling share of industrial sector through industrial depression and weakening growth momentum caused by the large urbanization costs; (2) the subordination of service sector as a result of nearly irreversibly industrial professional, which falters the process of service sector transition and upgrading; (3) inefficient knowledge production allocation and human capital upgrade due to the absence of inntivized compensation of knowledge consumption. We suggest that a country should reshape its efficiency model by upgrading knowledge factor and human capital as the pre-requisite. Giving a dilemmas of transition, China should take the factorization trend of service sector and reshape efficiency model through institutional reform, ensuring that service sector will develop in tandem with industrial sector.