China's Prospects for Realizing a Well-off Society in the 2020s

Since adopting its economic reform policies, China has overcome various challenges and has transformed itself into a modern market economy. During this change, China has solved the problem of its five billion people living in poverty and has entered into a new development stage. However, as a result of embracing the development concept of "letting some people get rich first," China has experienced numerous social problems such as economic disparities owing to its growth rate exceeding 10%.

A "comprehensive well-off society" based on the "common prosperity theory," which China aims to achieve by 2020, will hold a key for future economic development. In other words, its development should emphasize public welfare and the efficient allocation of economic resources.

This paper will first analyze the concept of China's own view of a "well-off society" and how establishing it comprehensively will result in its economic development. Second, it will empirically examine the kind of statistical indicators that measure the value of such society. It will also observe how the economies of each region achieved their respective development stage. Third, it will investigate the crucial problems and solutions in this process. Lastly, this paper will discuss the future prospects of the "well-off society."