NEW YORK, April 8, 2016 — Asian Development Bank Chief Economist Shang-Jin Wei and TIME Assistant Managing Editor Rana Foroohar discuss how very few countries in Asia have yet managed to transition from middle-income to high-income economies. As China's growth slows amid a rise to higher wages, Wei says the idea of a "middle-income trap" is a myth and describes two ways that China can accelerate productivity growth. (4 min., 19 sec.)

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