China has to adjust its workforce, demand and industries if it wants to move toward a higher economic development level

Low cost-driven growth has seen China make rapid economic and social progress in the past decades, but now that it has reached a certain level of development it should transform its economic growth model.

China's per capita GDP was $5,414 in 2011, according to International Monetary Fund data. This means its economic and social development has entered a critical transitional stage. Economists believe that a country is on the verge of advancing from a middle-income to high-income society when its per capita GDP reaches the watershed mark of $4,000, which is bound to give rise to some changes in its economic and social development.