The International Monetary Fund (IMF) employs three primary criteria to differentiate advanced economies from emerging and developing markets: per capita income level, export diversification, and integration into the global financial system.
As of 2023, China’s per capita GDP stands at just 15 percent of the United States’ and 22 percent of the average among the 41 recognized advanced economies. This significant gap highlights the disparities in income levels between China and the world’s most developed nations.
Additionally, the IMF's classification takes into account the breadth and diversity of a country's exports as well as its integration within the global financial infrastructure. While China is a major global player, its export diversification and financial system integration do not yet match those of the advanced economies on the IMF’s list.
Classifying China as a developed economy would necessitate reclassifying over 80 other countries worldwide, a shift that would not accurately reflect the current landscape of global economic development. This underscores the IMF’s commitment to maintaining precise and realistic classifications based on comprehensive economic indicators.
Reference(s):
Data explains why China is not classified as an advanced economy
cgtn.com
