US House passes bill announcing PRC as a developed economy and bypassing the middle-income trap
But Beijing insists that it does not use money from international institutions to invest in foreign countries. China believes this US campaign is aimed at slowing its growth and destroying Chinese jobs. "The economic consequences can be very real. Indeed, without this status, Beijing would no longer be able to impose tariffs on imports [which raise the price of goods produced abroad] and these companies would become less competitive, which could force some to lay off workers," explained Sun.
https://www.france24.com/en/asia-pacific/20230405-the-us-wants-to-elevate-china-to-developed-country-status-beijing-disagrees
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